The Monetary Authority of Singapore reminds the public that it is inadvisable to trade cryptocurrencies.

BlockBeats news, November 6 - According to Lianhe Zaobao, in response to the recent cryptocurrency theft incident at Binance, the Monetary Authority of Singapore (MAS) reminded that the general public is not suitable for cryptocurrency trading. Consumers must be cautious when engaging in such transactions and should not trade with unregulated companies.

In response to Lianhe Zaobao's inquiry on Thursday, an MAS spokesperson reiterated that Binance is not authorized to provide regulated financial services in Singapore.

The MAS spokesperson also stated that among licensed companies, digital payment token service providers must establish strict control mechanisms to effectively manage technical and cyber risks and safeguard customer assets.