CryptoVanguard
Sun Jun 09 2024
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6 answers
1048
Why Binance is blocked in Singapore?｜MAS placed Binance on the IAL because it had solicited Singapore users without a licence. Further, on MAS' referral, the Commercial Affairs Department commenced investigation into Binance for possible contravention of the Payment Services Act (PS Act).
Could you please elaborate on why Binance has been blocked in Singapore? It's mentioned that MAS placed Binance on the IAL due to its solicitation of Singapore users without a proper licence. Could you further explain what MAS stands for and why their decision was made? Also, on the recommendation of MAS, the Commercial Affairs Department has begun an investigation into Binance for potential violations of the Payment Services Act (PS Act). Could you clarify what the PS Act entails and what kind of violations Binance might be facing? Thank you for your assistance in clarifying these matters.
