The crypto exchange Binance Markets Ltd has been placed on an investor alert list by the Monetary Authority of Singapore (MAS), the watchdog’s website showed.
The list includes entities that are unregulated by the MAS, but may be erroneously perceived as licensed or regulated, according to a report on CoinDesk.
MAS said in early July that it would “follow up” with Binance’s Singapore entity, which at the time was waiting for the review of its licence application, the report said.
On Thursday, the crypto exchange told CoinDesk that it is aware of the notice and is “actively working” with MAS to address the watchdog’s concerns.
Binance recently hired Richard Teng, the former CEO of Abu Dhabi’s financial watchdog, to head its Singapore operations.
Binance has been in the regulatory spotlight around the world in recent months.
In June, the crypto exchange was banned in the UK over concerns about rising levels of crime. The Financial Conduct Authority (FCA) ruled that the firm cannot conduct any “regulated activity” in the UK.
The FCA also issued a warning about its website and adverts promising high returns on crypto-based investments.
Japan has also issued a warning to consumers over Binance, while authorities in the US and Germany have expressed concerns.