Singapore Now Bans for Unlicensed Crypto Services
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June 24, 2020
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In Singapore a 23-year-old woman has been arrested for providing unlicensed digital payment token service with funds received from of an online scam, the Straits Times reports.

Lange Vivian was reportedly arrested for providing payment services without a license under the Payment Services Act.

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The woman received at least 13 fraudulent fund transfers in a total worth of $3,000 in her bank account.

Later Vivian used these funds to buy bitcoin (EXANTE: Bitcoin).

"These transactions were done on the instruction of an unknown person in return for a commission. The monies deposited in her bank account turned out to be proceeds of crime from victims of online scams," a police spokesman said.

However, the police did not clarify names of these scams.

In March, the Monetary Authority of Singapore (MAS), the country's financial regulator, announced that Ripple, Coinbase and Binance can offer their services in the country for a limited period of time without the need to obtain the corresponding license.

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According to the regulator, Ripple Labs Singapore, Coinbase Singapore, Binance Asia Services as well as other companies can offer digital payment services until July 28, 2020.

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