Binance, a global cryptocurrency exchange and blockchain company, has made a bold move to revive its bid for a Singapore digital currency permit. The firm is said to have submitted additional evidence in response to requests from the Monetary Authority of Singapore (MAS). This renewed effort comes years after Binance withdrew its application in December 2021 due to difficulties complying with MAS’s stringent requirements including protection against money laundering and terrorism financing.
It remains uncertain whether Binance’s efforts will bear fruit; however, sources suggest that MAS officials have been more receptive to their revised proposal as it appears to better address issues related to customer identity verification, money laundering prevention, and financial crime detection. If successful, Binance would become one of the few regulated crypto firms operating within Singapore. With this new initiative, they demonstrate an unwavering commitment to providing industry-leading services while helping drive innovation in the space.
Why is Singapore taking hard steps against crypto firms?
Singapore is renowned for its crypto-friendly atmosphere, but increasingly strict regulations are casting a dark shadow on the industry. In response to concerns around money laundering, hacking, and terrorism financing, authorities have stepped up efforts to regulate this emerging space.
This has caused much havoc amongst seasoned investors and novices alike – who have come to appreciate the potential of cryptocurrency. Although some may feel that such measures interfere with the ethos of decentralization and autonomy, it is essential to ensure security to protect both individuals and economies.
The Binance team has not yet made any additional comments regarding the most recent development. We will, however, shortly learn more information on the most recent development. Until then, remain in touch with us.
