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Why was an unlicensed platform allowed to market their platform to Singapore residents?

MAS said that FTX is not licensed to operate in Singapore.

Someone told me that 40,000 Singaporeans have opened an account with FTX and that the amount deposited in FTX exceeded $1 billion. I have not been able to verify these figures.

If FTX is not licensed to operate in Singapore, it would be illegal for them to market their activities and collect deposits from Singapore residents. It would also be illegal for financial advisers, introducers or influences to market the unlicensed platform to Singapore residents.

If MAS was aware about these illegal activities (from FTX or the financial advisers, introducers or influencers), it would be incumbent on MAS to stop these activities and bring charges against the offenders.

Why did MAS not act against the offenders. Was it possible that MAS was totally unaware about FTX? Did anybody make any enquiry with MAS about the license status of FTX?

Perhaps MAS should clarify this point.

 

Tan Kin Lian

 

 

yyy
READER COMMENTS BELOW

37 Responses to “Why was an unlicensed platform allowed to market their platform to Singapore residents?”

  • Another Hyflux?:

    You mean Sinkies lost $1 billion?

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  • Parliament should investigate:

    Straits Times: FTX advisers find just a fraction of firm’s crypto as new CEO reveals fund abuses

    Ho Ching was Temasek CEO when it invested $400m in FTX. It had to write-off the full amount.

    Parliament should convene a Board of Inquiry to find out why Temasek invested taxpayers’money in a Ponzi-scheme.

    Ho Ching should be held responsible and accountable.

    Tech: Didn’t ST know that prior to its BK, FTX actually transferred $500m worth of FTT over to an account at Binance?

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  • Temasek transparency:

    Temasek investment should be transparent because it is tax payers money. Temasek should invest in farmlands, energy and other needs of Singaporeans and not profit earning investment with high risk. Investment in FTX is bad investment decision. But how many bad decisions they make we did not know and cannot punish them? Law should be passed to force Temasek to be transparent and loss making people should make liable. Those money are tax payers money, not private funds. Even private companies, CEO are liable for mistakes.

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  • MarBowling:

    Aftermath this Bloodbath courtesy of FTX, would be interesting to see whether in the next COE bidding exercise, those jokers indulging in other Forms of Cryptocurrency would STILL CONTINUE TO BID THE COEs for Cat A, B & E SKY HIGH to set NEW RECORD again! Prepare champagne and popcorn!

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  • Spineless Sinkie Syndrome:

    Another Hyflux?:
    You mean Sinkies lost $1 billion?

    Don’t know how much Sinkies invested into FTX, but for sure I know TermaSick alleady lost at least $270 million of Sinkies taxpayer’s $$$. LOL.

    When TermaSick makes Profit$, it goes into PRIVATE porkets of the Holy Jinx, but when she makes Losses, it is charged out to PUBLIC taxpayers (i.e. Sinkies). LOL.

    SSS Sinkies continue to shout “PAPies are the most competent bestest! So they deserve mandate from Sinkies forever!”. LOL.

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  • Trust only myself:

    Problem is where is the checks in parleeement…..?

    Now know why unthinking Singaporeans is a disease…….no cure.

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  • Bad Boy:

    @ Don’t know how much Sinkies invested into FTX, but for sure I know TermaSick alleady lost at least $270 million of Sinkies taxpayer’s $$$. LOL.

    MLM style.

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  • DeBarge:

    So Temasek invests in FTX and therefore has an interest in the success of FTX, is MAS going to prevent Singaporeans investing in FTX ? It might be argued that a large number of those 40-50 K Singaporeans invested in FTX because of the Temasek did so. Seeing how Temasek gets its funds, I guess easy come easy to.

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  • xoxo:

    Now,the point is what rationale did TH senior mgt applied when making this particular investment?
    What did TH see that many smart investors did not?
    You call this astute?
    Or tikam-tikam.
    And,FOMO BUT NO FOLA(Fear Of Losing All)?

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  • Roasted:

    Another Not meaningful act.new law.

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  • MarBowling:

    EXPECT In the next ParLeeMent session World Class Minister IndraKnee Jerk will as usual spew this rhetoric: Our Coverment DO NOT INTERFERE in the INSIDE OUT, TOP TO BOTTOM RUINING oops RUNNING operation of our SWF Tombmasek Holdings! It’s NOT MEANINGFUL to BRING UP this NONSENSICAL TOPIC AGAIN! Therefore, it’s NOT MEANINGFUL to DEBATE, DISCUSS or DISCLOSE whether the hundreds of $millions Investment of taxpayers hard earned money on FTX was under the Holee WATCH of Holee Jinx BEFORE or AFTER her Holee decision to FINALLY STEP DOWN from the FamiLEE Imperial Throne at Tombmasek Holdings(previously under shim ARMPIT abut NOW under shim THUMB)on 1$t Oct 2021!

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  • hahaha:

    CSM, Olam, NOL, Lehman Bro, China, Russia, India, FTX, TSMC, SEA, Grab, Zomato, Bayer, UBS, Turquoise Hills, Alibab, Didi, HAG, Shopback, Pacific International Line etc.

    Maybe someone should table a list of losses and the amounts, you will know how massive…… and why they are now recouping monies from massive hikes and changes to our CPF

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  • Untouchables:

    Isnt HC now chairwoman of Temasek?
    Plus wife of the spoilt prat PM.
    Who can touch her now?
    From CEO to Chairwoman of TEMASEK.
    Who says “stepped down”…more like “stepped up”..
    am i wrong?

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  • The Bavarian illuminati:

    Pap ibs internet brigades CNA straits times new paper awfully quiet on this matter. And daft unthinking 60% Singaporeans deserve to be scammed again and again.

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  • TheObelisk:

    Just playing the part

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  • NotMyProblem:

    “MAS said that FTX is not licensed to operate in Singapore.”

    In Singapore anything that has to do with Temasek is licensed.

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  • SINGAROAR:

    Valid question by TKL.Did MAS look the other way because TH invested? HC is his boss’ wife so why should RM do due diligence? 61%,please take note, voting for the PAP could mean that all the Ministers’ wives and children may be given positions in the govt. and the increase in GST will be enforced upon us when the State incurs losses due to their negligence. There is nobody taking responsibility and resigning so doesn’t show that they could n’t care about the Public.No accountability,no transparency and no integrity and using the POFMA law to cover our mouths. Totally disgusting!

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  • idontbelieveinccpbs:

    TKL and TR Tech beloved China and its talents.

    https://www.asiamarkets.com/ftx-collapse-key-executive-was-credit-suisse-risk-manager/

    FTX COO is new citizen, groomed by our education system, from China.

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  • Temusik Patriot:

    Why tan ahhh!…think ? Why you set up a multi level entity to fleece the 500,000 NTUC members in A Ponzi scheme supported by PAP…same same lah! LampaPalan

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  • NotMyProblem:

    “Temasek investment should be transparent because it is tax payers money.”

    Errr. Don’t forget 61% already given a blank cheque to PAP. Why you need transparency now? Shouldn’t tax payers be asking before they put their signatures in the ballot box.

    I only feel sorry for the 39%!!

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  • theforgottongeneration:

    TKL: Perhaps MAS should clarify this point.

    MAS: No Blaming Culture. (aka: No heads will roll over this)

    LW: Let’s move on. You guys need to TRUST me.

    39%: Middle finger salute.

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  • Con u wakes up from grave:

    It all started from Micropolis with HO JINX at the helm as CEO. Micropolis lost MORE THAN 300 million, loosing a million a day. HO JINX kept it going for a year.

    HO JINX does not have a business background, she was an engineer by profession. Her stratigy is BUY HIGH AND SELL LOW. Three are so, so many millions lost under her watch. The top 48% of Temeask management are all foreigners.

    HO JINX SHOULD TAKE RESPONSIBILITY OF ALL THE MEGA LOOSES AT TEMEASK AND STEP DOWN AND NOT USE HER HUSBAND’S POWER TO SWEEP THINGS UNDER THE CARPET.

    HO CHIN DO THE RIGHT THING AND COMMIT HARA KERI.

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  • Con u wakes up from grave:

    A COI need to be started to look into TEMESAK’S NUMERACE LOOSES. If a COI is not conducted all SINGAPOREANS HAVE THE MORAL RIGHT TO VOTE AGAINST PAP in the next elections.

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  • Asd:

    I think where is mediocre and son hiding

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  • ah seng:

    Someone should table all the investment and losses through 20 years, we should know how much Empress Dowager has burnt….

    And why BTOs now priced at $1M.

    And COE above $100k.

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  • xoxo:

    As the No 3 top financial centre in the world,MAS must and shud ensure REGULATIONS ARE ADHERED to by all Financial Institutions operating here,no exception even if TH-related.
    Else,WHAT IS THE *RULES BASED* that wepromote so faithfully at WTO n other world forums?

    Rules based means Rules based,no more, no less.
    As such,MAS MUST REVIEW THIS INSTANCE to uohold its REPUTATION that was so laboriously established by our pioneer-minister,DR GOH KENG SWEE.
    During Dr Goh’s tenure at MAS N AS FM,even as other regional currencies got attacked by BANKSTER$(ESPECIALLY ANGMOH OPPORTUNISTS),DR GOH ENSURED THE SGD WAS LRFT UNMANIPILATED.

    THAT WAS THE STANDARD DR GOH SET.
    WE SALUTE HIM.

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  • Good Oppos:

    Please don’t pretend to be oppo, and sia suay us. So vulgar.

    theforgottongeneration:
    TKL: Perhaps MAS should clarify this point.

    MAS: No Blaming Culture. (aka: No heads will roll over this)

    LW: Let’s move on. You guys need to TRUST me.

    39%: Middle finger salute.

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  • Hold Ho Ching accountable:

    Ho Ching invested $400m in the FTX fraud. She should be held responsible and accountable. Moreover, she should be immediately removed as Temasek Chairman.

    The “ball is on” DPM (and Finance Minister) Lawrence Wong’s court. Temasek is controlled by MOF. He needs to prove he can “walk his talk” about cracking down on crypto speculation.

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  • PAP/NUS should be proud:

    Constance Wang, the woman listed as the Chief Operating Officer of embattled cryptocurrency exchange FTX, was previously employed by Credit Suisse as a ‘risk manager’.

    Wang, who graduated from the National University of Singapore with a degree in Finance, worked for the global investment bank between 2016 and 2018.

    Asia Markets is not suggesting Constance Wang is involved in any wrongdoing or even that she contributed to company’s current predicament.

    Now, she can come back and head SGX. SGX is in need of energy.

    idontbelieveinccpbs:
    TKL and TR Tech beloved China and its talents.

    https://www.asiamarkets.com/ftx-collapse-key-executive-was-credit-suisse-risk-manager/

    FTX COO is new citizen, groomed by our education system, from China.

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  • Ho Ching is accountable:

    Straits Times: FTX crypto hack: Following the trail of dirty money

    The important “trail” to follow is how Temasek wound up investing in the FTX fraud when Ho Ching was Temasek CEO.

    When Ho Ching lost $500m in one year when Singapore Technologies invested in a bankrupt disk drive company then Finance Minister Richard Hu defended her.

    The current Finance Minister Lawrence Wong should not defend Ho Ching because she invested in a scam. He should immediately remove her as Temasek Chairman and ask Parliamrnt to convene an Commission of Inquiry to find out how Temasek was duped into investing in FTX.

    Tech: Do yourself a favor, go buy 4D. lol

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  • My balls:

    Mas dare NOT DO ANYTHING because MS ho invested in the cyrto exchange which deals in CYRTOCURRENCY!

    Msm said ms ho did do cyrto?

    Is this possible?

    When you buy in an EXCHange which deals with, say PROSTITUTION, ARE

    YOU SAYING THAT YOU DO DEAL WITH PROSTITUTION?

    COME COME MSM COME LICK MY BALLS!

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  • idontbelieveinccpbs:

    How many malls Capitaland invested in China and Russia?

    Industrial parks in China?

    These days, all the malls are like ghost towns (China), how much Capitaland is burning every month?

    This is not hearsay, many people are uploading the mall videos to tiktok….

    Are you concerned how much they are going to burn every month if malls are empty?

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  • Trust only myself:

    No wonder as finance minister he is now PM in waiting………need to protect those who lost hundreds of millions of tax money investing in FTX……….right or wrong?

    Tech: Err.. “in waiting” means just that, “waiting”, nice to hear only, no?

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  • Fake Good Oppos:

    Good Oppos:
    Please don’t pretend to be oppo, and sia suay us. So vulgar.

    So how many posts have you contributed toward Opposition? So fake. Better you go back to being the donkey.

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  • HC helmingTemasek is a joke:

    FTX COO is new citizen, groomed by our education system, from China.

    She probably attended The Ho Ching School of Investing.

    At this school one learns to lose big money, not make big on your investments.
    Hahahahohoho

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  • Donkey as Good Oppos:

    Good Oppos:
    Please don’t pretend to be oppo, and sia suay us. So vulgar.

    Don’t be stupid, 39% did show middle finger to the ruling party during elections. Stupid donkey must be thinking of kaki-lang Oppo hdphone – very sia suay indeed.

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  • Good Oppos:

    Please don’t sia suay 39%.
    If, as you claim, a vote for oppo is a middle finger for pap, than, you are fu*ked by middle fingers from 61%.

    Donkey as Good Oppos: Don’t be stupid, 39% did show middle finger to the ruling party during elections. Stupid donkey must be thinking of kaki-lang Oppo hdphone – very sia suay indeed.

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