Singapore's MAS repeats that crypto trading is unsuitable for the public after Binance theft
The Monetary Authority of Singapore has renewed its warning that crypto trading is not appropriate for most retail investors, responding to questions from Lianhe Zaobao in the wake of the $6.3 billion Binance theft. The regulator reminded consumers that Binance is not licensed to provide regulated services in Singapore and has been on its Investor Alert List since 2021. MAS added that licensed firms must keep strong cyber and custody controls, but that such safeguards cannot remove the inherent risk of losses.