11-22-2022, 08:20 AM
MAS: Singapore-based FTX investors could not be protected as crashed crypto exchange not licensed here, operated offshore
SINGAPORE, Nov 22 — The Monetary Authority of Singapore (MAS) said yesterday (November 21) that it could not protect local investors from suffering losses on cryptocurrency exchange FTX, which crashed earlier this month, as the platform is not licensed here and was run offshore.
MAS said this meant that investors could not be protected from financial losses by steps such as the ring-fencing of assets or ensuring that the platform had backed its assets with reserves.
The regulator also again warned investors of the dangers of investing in cryptocurrencies as it had done repeatedly in recent times.
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MAS said this meant that investors could not be protected from financial losses by steps such as the ring-fencing of assets or ensuring that the platform had backed its assets with reserves.
The regulator also again warned investors of the dangers of investing in cryptocurrencies as it had done repeatedly in recent times.
- More -