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Recently, the Monetary Authority of Singapore (MAS) suddenly unleashed a regulatory offensive, announcing a comprehensive ban on unlicensed cryptocurrency exchanges starting June 30, stating that even claiming to 'only provide services overseas' would not escape the law. This regulatory 'nuclear bomb' explosion has left Chinese crypto teams, which have long regarded Singapore as a 'heaven for harvesting retail investors', in dire straits — just the day before, they were toasting at the Marina Bay Sands, discussing compliance, and the next day they had to hurriedly pack up and rush to Dubai, staging a real 'mass withdrawal from the crypto circle.'
The destruction of Chinese crypto teams: From 'compliance legends' to hasty escapes