Singapore Banks Closing Accounts …

Singapore banks close accounts of cryptocurrency companies

Banks in Singapore have blocked accounts belonging to a number of cryptocurrency companies. Writes about this CoinDesk.

Already 10 companies have reported that they have had difficulty gaining access to their bank accounts over the past few weeks. Anson Zill, head of the Association of Cryptocurrency and Blockchain Industry of Singapore ACCESS, confirmed this information and added that no explanations have been received from the banks. He also called on the country’s authorities to understand the current situation..

“We call on Singapore to take the lead and show everyone how an effective solution can be found to bring all parties together,” he said..

However, apparently, no help is needed. The Monetary Authority of Singapore, which serves as the country’s central bank, told Bloomberg that it does not interfere with the business decisions of individual banks, adding that banks are also responsible for enforcing anti-fraud and customer protection laws..

Singapore-based cryptocurrency services company CoinHako writes on its blog on closing an account with DBS Bank: “The regulation and specific role of blockchain in society to this day remains a gray spot for everyone.”.

Singapore banks are closing accounts ...

The company has informed its clients that it will not be able to process applications for deposit / withdrawal of funds in Singapore dollars until a new account is opened, which can take several weeks.

Earlier, the Monetary Authority of Singapore said that digital tokens can be classified as securities. After that, the body warned investors about the potential risks of an initial token offering (ICO).

Singapore banks are closing accounts ...

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