Business Correspondent
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Why are Singapore retail users and their assets not parked under Quoine, which has received an exemption from the Monetary Authority of Singapore (MAS)?
Doing so would have been good governace and in line with how FTX's units in Japan and the United States operated.
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Quoine was granted a six-month exemption from July 28 from holding a licence under the Singapore Payment Services Act.
This meant it was allowed to offer digital services to Singapore retail investors while it applied for an MAS license.
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there has been no formal migration process of Singapore users from FTX.com to Quoine.
As former parliamentarian Calvin Cheng ...... said "If Quoine is exempted and FTX.com isn't, FTX.com can't be onboarding clients directly, only Quoine can.
"But when users sign on with FTX, did they sign on with Quoine? Were the funds stored by Quoine? Obviously not, otherwise the funds wouldn't be stuck in FTX.com,"
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Said Mr Cheng: "Binance was the only non-licensed offshore exchange that Singapore residents couldn't use. They complied. Did FTX.com have a licence, or any of the global offshore exchanges out there?"
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Singapore is said to account for more than 5 per cent of FTX's total user percentages, behind South Korea
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Mr Alex Svanevik of blockchain analytics platform Nansen on Nov 9 wrote on Twitter: "A lot of people in Singapore held funds in FTX because Binance is banned here. Sad and ironic."
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As a corporate veteran pointed out: "I am surprised all the big private equity firms put so much money into FTX, which didn't even have a board of directors. This is so basic."
Much more at: https://www.straitstimes.com/business/an...ore-entity