- Singapore MAS lists non-custodial wallet imToken on its Investors Alert list.
- Entities listed on the alert list lack operational authorization from MAS.
- Binance exited Singapore for Dubai after MAS similarly flagged its service in 2021.
The Monetary Authority of Singapore (MAS), the central bank in the country, has added the popular crypto wallet imToken to its warning list, cautioning crypto enthusiasts about engaging with the crypto non-custodial service.
Hong Kong-based Chinese reporter Colin Wu called public attention to this development in a recent post on X. According to the image attached to the reporter’s post, IMTOKEN PTE. LTD was listed on MAS’s “Investor Alert” list on December 5, 2023.
Per the disclosure, MAS included imToken in the alert list to clarify the regulatory status of the non-custodial wallet to Singaporeans investing in cryptocurrencies. Besides, imToken is not the only financial service firm captured on MAS’s investor alert list. Others include BKEX and Bull Investment Pte Ltd.
Notably, information from the Singapore government agency website outlined the position of entities on the warning list. It noted that the compilation is to set the records straight that the listed entities have no license, authorization, or regulation from MAS.
Furthermore, the regulator noted that the listed entities may have offered units in a business trust or collective investment scheme that might be incorrectly perceived as recognized by MAS.
Additionally, it pointed out that they may have presented an investment offer that could be incorrectly perceived as accompanied by a document lodged with MAS. Essentially, the Investor Alert list serves as a disclaimer notice to Singaporeans in dealing with the entities.
Meanwhile, Colin Wu pointed out that MAS had included the renowned crypto exchange Binance on the list in September 2021. Following the move, Binance reportedly withdrew from the Singaporean market and moved to Dubai.
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