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Singapore Regulator Warns Even Licensed Crypto Exchanges Can Fail

The Monetary Authority of Singapore (MAS), the regulator overseeing the crypto sector, has defended the action it took against crypto exchange Binance and not the collapsed crypto platform FTX. The central bank also warned that cryptocurrencies are “highly volatile and many of them have lost all value.”

Noting that “The most important lesson from the FTX debacle is that dealing in any cryptocurrency, on any platform, is hazardous” and investors “can lose all their money,” the MAS warned: Crypto exchanges can and do fail. Even if a crypto exchange is licensed in Singapore, it would be currently only regulated to address money-laundering risks, not to protect investors.

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