The Singapore cyrptocurrency world was rocked today, with firms facing sudden closure of their accounts.
Monetary Authority of Singapore, (their official central bank) stated it was a commercial decision taken by the banks themselves, and that they are not involved in such account closures “including those in relation to the establishment and termination of business relationships.”
Yusho Liu, co-founder of CoinHako released a statement explaining the tough position they find themselves in “We understand that banks also have their concerns on anti-money laundering and know-your-customer issues,” and “We do not fit anywhere in the current regulatory framework.”
Their bank (DBS) has declinded to comment on this specific case, but stated however “We remain open to exploring banking relationships with companies working with cryptocurrencies”.
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Author: Adam Lee
Asia News Desk
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