Singapore banks have closed accounts of several businesses that work with cryptocurrencies, Bloomberg reports.
Singapore’s Cryptocurrency and Blockchain Industry Association (ACCESS), claims that over ten companies have had issues with Singapore banks.
“From our analysis, it appears to be common among leading FinTech hubs. If this is the case, we would urge Singapore to take a leadership role and demonstrate how to come to an effective resolution among all parties,” ACCESS Chairman Anson Zeall said.
Singapore FinTech Association president Chia Hock Lai also reported that some of the organization’s members have experienced trouble with banks in this regard.
The country’s central bank — The Monetary Authority of Singapore (MAS), was quick to clarify that it doesn’t interfere with commercial decisions taken by banks, “including those in relation to the establishment and termination of business relationships.”
MAS added that banks are expected to establish suitable procedures and controls, including those governing customer transactions and relationships, and to comply with customer due diligence requirements of MAS rules on preventing money laundering and the financing of terrorism.