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Monday, March 20, 2023

Cryptocurrency Platform FTX.com Does Not Operate throughout Singapore, Says MAS

By Ronnie Harui

SINGAPORE–The cryptocurrency system FTX.com does definitely not operate in Singapore, typically the Monetary Authority of Singapore explained Monday, in response in order to media inquiries about FTX.com.

The inquiries emerged after the beleaguered system filed for bankruptcy defense on Friday. FTX.contendo and a host regarding affiliates said they experienced more than 100,1000 creditors and many great of dollars in resources and liabilities.

“FTX.com is not registered or license-exempt in Singapore,” a MAS representative said in a record Monday. “However, it is usually not possible to reduce Singaporean users from immediately accessing overseas service suppliers. Therefore, FTX.com has been able to onboard Singaporean users,” the representative said, adding that typically the central bank has continually reminded the public regarding the risks of coping with unlicensed entities.

Regarding inquiries as to exactly why Singaporean users of FTX.com have never migrated in order to its Singapore subsidiary, Quoine Pte. Ltd., the central financial institution said that Quoine is usually currently license-exempt while the license application is below review. . MAS is thoroughly reviewing the request, getting into account recent improvements, he said.

Singapore investors’ funds on FTX.contendo are not parked below Quoine as FTX.contendo and Quoine operate separate legal entities and Singapore users have the alternative of working with FTX.contendo or Quoine, the main bank said. The CONTUDO has not required FTX.com to migrate Singaporean users to Quoine, he / she added.

Email Ronnie Harui at ronnie.harui@wsj.com

(END) Dow Jones Newswires

11-14-22 0247ET

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