Singaporean financial authorities have issued a final warning to crypto exchanges operating in the region without a license. Exchanges are expected to cease operations by June 30 at the latest.
According to a recent report by Bloomberg, the Monetary Authority of Singapore has prompted a number of crypto exchanges to reevaluate their operations in the region due to the crackdown. The notice was first issued at the end of May, followed by a clarification on June 6, which urged crypto firms to cease operations by June 30.
This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,” said a MAS spokesperson to Bloomberg.
Despite financial authorities insisting that only a “very small” number of providers will be affected, major crypto firms operating in Singapore from offshore headquarters have begun to make anticipatory changes