The Monetary Authority of Singapore (MAS), the country’s financial regulator and central bank, said it is closely watching the regulatory developments surrounding Binance Holdings Ltd., owner of the Binance crypto exchange.
The country’s financial watchdog is expected to “follow up” with the company’s local subsidiary Binance Asia Services Pte., Bloomberg reported Wednesday. The subsidiary has a grace period while it awaits a review of its license application.
Binance, in an emailed response to a CoinDesk query, said it doesn’t comment on its dealings with regulators.
The move comes on the heels of Binance’s showdown last week with U.K. regulators over whether the exchange business had regulatory blessings to operate in the country. Japan had issued a similar notice the day before warning Binance wasn’t registered to do business in the country.
In the U.K., sterling withdrawals from the crypto business’ platform have been reactivated and users are once again able to buy digital coins with debit and credit cards.
Singapore, meanwhile, has some of the toughest cryptocurrency regulations in the world. In 2019, the city-state passed its Payment Services Act, which required digital asset service providers to get a license from the government.
MAS said it is applying “robust standards” in its review process, Bloomberg reported. The regulator considers qualifications such as an applicant’s ability to prevent money laundering as well as its fitness and propriety of shareholders and key appointment holders.