Monetary Auth of Singapore Why was an unlicensed platform allowed to market their platform to Singapore residents?
MAS said that FTX is not licensed to operate in Singapore. 

Someone told me that 40,000 Singaporeans have opened an account with FTX and that the amount deposited in FTX exceeded $1 billion. I have not been able to verify these figures. 

If FTX is not licensed to operate in Singapore, it would be illegal for them to market their activities and collect deposits from Singapore residents. It would also be illegal for financial advisers, introducers or influences to market the unlicensed platform to Singapore residents. 

If MAS was aware about these illegal activities (from FTX or the financial advisers, introducers or influencers), it would be incumbent on MAS to stop these activities and bring charges against the offenders. 

Why did MAS not act against the offenders. Was it possible that MAS was totally unaware about FTX? Did anybody make any enquiry with MAS about the license status of FTX?

Perhaps MAS should clarify this point.

Tan Kin Lian

 

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