Cryptocurrency Platform FTX.com Doesn’t Operate in Singapore, MAS Says

By Ronnie Harui

SINGAPORE–Cryptocurrency platform FTX.com doesn’t operate in Singapore, the Monetary Authority of Singapore said Monday, in response to media queries regarding FTX.com.
The queries came after the beleaguered platform filed for bankruptcy protection on Friday. FTX.com and a slew of affiliates said they had more than 100,000 creditors and tens of billions of dollars in assets and liabilities.

“FTX.com is neither licensed nor exempted from licensing in Singapore,” a MAS spokesperson said in a statement on Monday. “It is not possible, however, to prevent Singapore users from directly accessing overseas service providers. FTX.com was therefore able to onboard Singapore users,” the spokesperson said, adding the central bank has consistently reminded the public of the risks of dealing with unlicensed entities.
Regarding queries about why FTX.com’s Singapore users haven’t migrated to its subsidiary in Singapore, Quoine Pte. Ltd., the central bank said Quoine is currently exempt from licensing while its license application is under review. The MAS is carefully reviewing the application, taking into account recent developments, it said.
The funds of Singapore investors in FTX.com aren’t parked under Quoine as FTX.com and Quoine operate as separate legal entities and Singapore users have the choice to deal with either FTX.com or Quoine, the central bank said. The MAS hasn’t required FTX.com to migrate Singapore users to Quoine, it added.
Write to Ronnie Harui at ronnie.harui@wsj.com