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FTX did not ‘actively solicit’ clients from Singapore.

MAS has issued a statement saying that they didn’t blacklist FTX because it didn’t “actively solicit” clients from Singapore.

I am extremely curious to know that if this is the case, why did Singapore end up as the SECOND MOST impacted country by FTX collapse according to the huge number of unique visitors to FTX website from Singapore?

It’s obvious that FTX targeted Asian clients as its strategy is to somehow arbitrage the difference in pricing of different coins in Asia vs US.

The chart below is pretty clear of its strategy. South Korea, Singapore and Japan are the largest pool of investors for FTX. If we calculate clients per capital of each country, Singapore will most likely be the highest!

So I am rather amazed that MAS didn’t notice that FTX is attracting alot more clients from Singapore and didn’t put it on its blacklist or watchlist or issue alert notice.

Well, we are starting to see people here declaring bankrupt due to FTX collapse. Hopefully there will be no suicide due to this collapse.

If MAS can’t list every crypto exchange that is unlicensed to operate here, I guess it should issue warning notice and list out those crypto exchanges which are properly licensed and regulated by MAS here.

Else, just ban crypto exchange altogether.

 

Goh Meng Seng

 

 

yyy
READER COMMENTS BELOW

16 Responses to “FTX did not ‘actively solicit’ clients from Singapore.”

  • I noticed that there is a common trend among top talents in our top departments in that these talents like to use their a$$e to do the thinking and talking at the same time.

    On a maybe related note, I wonder if Binance was actively banned in Sinkieland because Temasick had a substantial share in FTX and therefore Binance was diluting its client base???

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  • Vaccine Guardian:

    Why not?
    Invested Pfizer vaccine got priority and the gate is closely guarded.

    TRE Tech:
    I noticed that there is a common trend among top talents in our top departments in that these talents like to use their a$$e to do the thinking and talking at the same time.

    On a maybe related note, I wonder if Binance was actively banned in Sinkieland because Temasick had a substantial share in FTX and therefore Binance was diluting its client base???

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  • @Vaccine Guardian

    It may not be beyond reasonable doubt, but somehow I cannot find a reason not to agree with you. lol

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  • bulite:

    “If MAS can’t list every crypto exchange that is unlicensed to operate here,”

    this government keep fooling and giving fallacy. MAS doesn’t need to list every crypto exchange but only the most popular and impactful one, and the government know it, and deliberate give bullshit and throw smokescreen. Same way, the government know how to target big fish figures of opposition of party but not the smaller fry, and now they telling us they can’t list all the crypto exchange, where they could just list the major and popular one to ban. Who the [email protected]#k this MAS try to fool ?

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  • theforgottongeneration:

    “No Blaming Culture”
    “Umbrage”
    “Voters are free riders” (Excuse why Ah Loong didn’t get his strong mandate)
    “Not meaningful to disclose”
    “Did not actively solicit”
    :
    etc…

    The vocabulary to justify FAILURE just keeps growing and growing, hor. No wonder they have restarted the Speak Good English campaign recently.

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  • A Trapped in the Past PAP:

    Twisted, corrupted explanations from defeated powers of pseudo regulators protective of corrupted trustees of SG money, clinging on to past glories which they didn’t create, which they messed with, BUT they shamelessly plaster their face with.

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  • myfirstscrew:

    As usual, they will try to excuse themselves and deflect the blame.

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  • A Trapped in the Past PAP:

    Didn’t know there is SUCH EXPLICIT DIFFERENCE to the Regulator of active soliciting and inactive solicit so to speak.

    Is the PAP active Administration to the 4/10 voters who eff them, or an inactive one?

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  • Sad:

    Sad for the many who lost big on FTX…
    MAS should have warn them of the risks…
    No excuse…although the investors have to bear the blame for their own bad decision.
    How to prevent such disaster again ?

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  • NotMyProblem:

    I think MAS uses the wrong staff, it should employ staff from POFMA’s office!

    We have witnessed the efficiency of POFMA office, they don’t need WTF due diligence, just do whatever instructed.

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  • BIG STORY: Stop the PAP Steal:

    This link at Reuters :

    https://www.reuters.com/technology/crypto-lender-genesis-says-no-plans-file-bankruptcy-imminently-2022-11-21/

    indicate FTX was run like a personal fiefdom.

    It’s damn bloody bloody strange that TH due diligence TEAM DID NOT uncover it.

    One CERTAINLY questions WTF is this TH due diligence KPI?

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  • dodo:

    Did someone in TH sell the nation out ? Otherwise how did TH end up with such losses ? The silence from MAS is unbelievable.

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  • Red●:

    No need to solicit.
    TH already gave them free money.

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  • caroline:

    “indicate FTX was run like a personal fiefdom.

    It’s damn bloody bloody strange that TH due diligence TEAM DID NOT uncover it.

    TH due diligence ? Haha, never heard of Birds of a Feather Flock Together ? Didn’t we know that TH and PAP themselves are run like a personal fiefdom. So why are we surprise there is no due diligence when it comes to greed, deceit and exploitation ?

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  • Revoke CECA:

    I was told by someone 70% of staff at MAS are Indians. I suppose he meant middle and senior management. His son was on government scholarship graduated with master degree in finance and has chosen to join MAS. In his second week he was told he will be posted to a country far away from Singapore. Was he purposely being ‘sent’ away? I know MAS chief fintech technology officer is India national and now I believe there could be a lot India nationals there.

    Why we allow poor diversity of foreign nationals in companies/departments? I thought the right way is to have very diversity of different foreign nationalities in company departments? Isn’t it a risk the entire IT department comprise of more than 90% staff from a single foreign country? In US, any foreign country can only get maximum 7% of PR issues.

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  • DeBarge:

    Revoke CECA:
    I was told by someone 70% of staff at MAS are Indians. I suppose he meant middle and senior management. His son was on government scholarship graduated with master degree in finance and has chosen to join MAS. In his second week he was told he will be posted to a country far away from Singapore. Was he purposely being ‘sent’ away? I know MAS chief fintech technology officer is India national and now I believe there could be a lot India nationals there.

    Why we allow poor diversity of foreign nationals in companies/departments? I thought the right way is to have very diversity of different foreign nationalities in company departments? Isn’t it a risk the entire IT department comprise of more than 90% staff from a single foreign country? In US, any foreign country can only get maximum 7% of PR issues.

    Singapore is taking big chances but the people who will be hurt are the little guys not the top people, unless the little guys know how to hold their leaders responsible. Singaporeans have made their own bed. They’d better enjoy lying in them.

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