MAS: FTX not on investor alert list for not actively targeting Singapore users
The Monetary Authority of Singapore (MAS) stated on its website that the reason for not including FTX in the Investor Alert List (IAL) despite previously listing Binance is that while both are unlicensed, Binance has shown clear solicitation of Singapore users, whereas FTX has not. MAS cannot list all offshore cryptocurrency exchanges on the IAL but will only issue warnings against entities that may be conducting potentially illegal activities in Singapore.
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The Monetary Authority of Singapore (MAS) stated on its website that the reason why MAS included Binance in the Investor Alert List (IAL) but not FTX is because Binance had clear solicitations targeting Singapore users, while FTX did not. MAS cannot list all offshore cryptocurrency exchanges on the IAL, and will only issue warnings to entities that engage in potentially illegal activities in Singapore.
Furthermore, MAS also mentioned that even if a cryptocurrency exchange is licensed in Singapore, it will only be regulated in terms of anti-money laundering measures, and not for investor protection.
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