Binance.com is being investigated by Singapore police for possible violations of local payment services rules.
As stated by the Monetary Authority of Singapore, the investigation began when the country’s financial regulator referred the case to the Singapore Police Force’s white-collar crime unit. According to a police statement issued, as reported by Bloomberg News.
“Police investigations are ongoing and we are unable to comment further,”
Binance is already under investigation by the Securities and Exchange Commission in the United States for possible violations of securities laws. In Singapore, its Singapore affiliate dropped its application to run a cryptocurrency exchange last year, just months after Binance.com was added to the MAS’s investor alert list.
The MAS said in a statement on Monday that Binance.com was “actively soliciting” users in Singapore, including by offering listings in the local currency and other incentives. In the aftermath of FTX’s collapse, the regulator was attempting to explain its disparate treatment of Binance.com and FTX.
The spokesperson also stated that the firm is unable to comment on the investigations due to confidentiality obligations.
“Binance takes compliance with Singaporean laws very seriously,” a Binance spokesperson said in an email. “As a matter of policy, we do not actively solicit Singaporean users.”
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