Binance has been listed as an unregulated entity by MAS
Binance.com appeared on the Investor Alert List on the official website of the Monetary Authority of Singapore. The Investor Alert List contains unregulated persons or entities that may have been wrongly perceived as licensed or regulated by the authority.
According to the message on the website, the presented list is not exhaustive and is based on facts and information unavailable to MAS at the time of the last update or publication. The cryptocurrency exchange was added to the list on Sept. 2.
The latest month has not been productive and easy for the exchange due to the intensified regulation that came from various regulators in both the US and EU. Previously, Binance introduced mandatory KYC measures as a way of complying with regulators. All new users are now required to complete an intermediate verification process in order to use services provided by Binance, including cryptocurrency deposits and withdrawals.
Various sources also reported that Binance requires its users to set a purpose for cryptocurrency transactions. In addition to that, users have to confirm that digital funds were earned legally.