2022-11-23 07:00:00

First Mover Asia: Concerns About Contagion Cause Bitcoin To Drop To A 2-Year Bottom

Sam Reynolds says that the central bank of Singapore is being investigated to determine whether Sam Bankman-FTX Fried’s exchange received advantageous regulatory treatment.

 

As cryptocurrency traders made predictions about the future of Global Genesis, a beneficiary of the consequences of Sam Bankman-FTX Fried’s exchange’s recent bankruptcy, Bitcoin dropped to a new two-year low.

 

The Monetary Authority of Singapore had to respond to “questions and misperceptions” regarding how it had previously regulated Sam Bankman-crypto-trading Fried’s venue last week as a result of the bankruptcy of the FTX exchange.

 

One story is around the question of whether the island nation’s government bank treated FTX favorably. Temasek, the national investment fund of Singapore, made a $210 million worth of investment in FTX that has been since completely written off.

 

One important question is why FTX was not added to a Shareholder Alert List (IAL), although Binance. sg, a subsidiary of Binance, the largest cryptocurrency exchange in the globe by trading volume, did.

 

The agency recently published a 15-point resolution addressing the problem. The regulator’s main defense is that, in contrast to FTX, Binance aggressively sought out Singaporeans.

 

However, this is not completely true.

 

In order to attract customers from Singapore, Binance allowed the Singapore dollar (SGD), whereas FTX did not, according to MAS.

 

Following a list of approved assets, FTX started supporting the SGD as just an investment market a few months before it was discontinued. In contrast to Binance.SG, which enabled local online payments, customers would still need to transfer in USD.

 

Additionally, MAS claimed that Binance targeted Singaporean users with marketing campaigns.

 

However, FTX followed suit.

 

In the heyday of September 2022, Token 2049, a significant crypto symposium, included FTX as one of the conference’s advertisers. Anyone in sight could see the exchange’s branding on the stuff all around the place.

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