Why is FTX's Singapore entity not regulated like Binance? -
Levin - 14-11-2022
Claire Huang
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/answers-needed-in-curious-case-of-ftx-s-singapore-entity
RE: Why is FTX's Singapore entity not regulated like Binance? -
Wy:Nox - 14-11-2022
One Country with Two Systems again.
RE: Why is FTX's Singapore entity not regulated like Binance? -
Niubee - 14-11-2022
MAS and Temasek need to clarify on position..
RE: Why is FTX's Singapore entity not regulated like Binance? -
webinarian - 14-11-2022
Best is China, it bans all crypto operations.
China has foresight.
.
RE: Why is FTX's Singapore entity not regulated like Binance? -
Sentinel - 14-11-2022
Just stop been a smart alec
It is obvious why Binance.com was not allowed to onboard SG users, because Temasek cannot get a share to invest in it, even though it is the largest, most full-featured and secured crypto platform, with superior insurance and a leader who protects users
Yet MAS chose to muck around with CZ Binance
But just because Sam Bankman Fried allowed Temasek to invest heavily in FTX, MAS closed both eyes
But Karma has a strange way of getting back at MAS, because Lord Karma is displeased, very displeased
Don't ask SG Users to use Quoine sheet, it is similar to Coinhako, a scam operator, with exobitant fees and lousy features, limited coins, etc
In the first place, so many countries allowed Binance.com to operate, including Indonesia
SG calls itself a global crypto and blockchain hub, but hypocrite
Italy refused to issue Binance the licence but has since turned around and given Binance the full licence to operate
MAS approved all those operators that are either inferior, less secure or downright scams, like Hodlnaut
MAS is totally uncooperative, but you think Binance give MAS any sheet? It just walk away and tore up its application and closed down Binance.sg
MAS is just so full of sheet, causing SG users to migrate from Binance to FTX
PAP will lose 5 GRCs next election, because it is pissing everyone off
Better repent and get Binance.com back for Sinkiepoor users
It is the only platform that protects users and their assets
NOT DBS, not FTX, not Hodlnaut, not Quoine, not Coinhako, not Coinbase, not Gemini
What a bunch of losers at PAP and MAS, totally clueless and useless!
RE: Why is FTX's Singapore entity not regulated like Binance? -
Niubee - 14-11-2022
(14-11-2022, 08:06 AM)Sentinel Wrote: Just stop been a smart alec
It is obvious why Binance.com was not allowed to onboard SG users, because Temasek cannot get a share to invest in it, even though it is the largest, most full-featured and secured crypto platform, with superior insurance and a leader who protects users
Yet MAS chose to muck around with CZ Binance
But just because Sam Bankman Fried allowed Temasek to invest heavily in FTX, MAS closed both eyes
But Karma has a strange way of getting back at MAS, because Lord Karma is displeased, very displeased
Don't ask SG Users to use Quoine sheet, it is similar to Coinhako, a scam operator, with exobitant fees and lousy features, limited coins, etc
In the first place, so many countries allowed Binance.com to operate, including Indonesia
SG calls itself a global crypto and blockchain hub, but hypocrite
Italy refused to issue Binance the licence but has since turned around and given Binance the full licence to operate
MAS approved all those operators that are either inferior, less secure or downright scams, like Hodlnaut
MAS is totally uncooperative, but you think Binance give MAS any sheet? It just walk away and tore up its application and closed down Binance.sg
MAS is just so full of sheet, causing SG users to migrate from Binance to FTX
PAP will lose 5 GRCs next election, because it is pissing everyone off
Better repent and get Binance.com back for Sinkiepoor users
It is the only platform that protects users and their assets
NOT DBS, not FTX, not Hodlnaut, not Quoine, not Coinhako, not Coinbase, not Gemini
What a bunch of losers at PAP and MAS, totally clueless and useless!
Bingo !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RE: Why is FTX's Singapore entity not regulated like Binance? -
Ola - 14-11-2022
MAS led by Tharman
MAS Heng SK member of the Board
MOF under Lawrence Wong
Since they are in the Familee, just talk over dinner and solve everything.