The MAS revealed Binance was placed on the IAL because it actively seeks Singaporean users and has features that could be misinterpreted to mean it is licensed by the regulator.

The Monetary Authority of Singapore (MAS) said it placed Binance on its Investor Alert List (IAL) and not the bankrupt FTX because the former is actively looking for users in the country, while the latter is not, according to a Nov. 21 statement.

The watchdog added that neither Binance nor FTX are licensed to operate in Singapore.

(By Oluwapelumi Adejumo)