Singapore regulator defends stance on FTX and Binance amid crypto crisis

The Monetary Authority of Singapore (MAS) said in a statement on 21 November it would like to address some questions and misconceptions that have arisen in the wake of the FTX.com (FTX) debacle. It firstly picked out the misconception is that it was possible to protect local users who dealt with FTX, such as by ringfencing their assets or ensuring that FTX backed its assets with reserves. "MAS cannot do this as FTX is not licensed by MAS and operates offshore. MAS has consistently warned about the dangers of dealing with unregulated entities." A second question was why MAS treated ...