The Monetary Authority of Singapore (MAS), the country’s central bank, <a href="https://www.mas.gov.sg/news/media-releases/2022/mas-statement-to-address-misconceptions-in-the-wake-of-collapse-of-ftx" target="_blank">released</a> a statement Nov. 21 to address “some questions and misconceptions that have arisen in the wake of the FTX.com (FTX) debacle.” The agency explained its&nbsp;

Eqonex (EQOS), a Nasdaq-listed crypto financial services firm, filed a voluntary application with the High Court in Singapore to place the company into judicial management.

The Monetary Authority of Singapore has released a statement explaining why it had warned Binance, but not FTX, about its operations in the&nbsp;country and clarifying several misconceptions in the wake of the FTX collapse and bankruptcy filing.

The MAS revealed Binance was placed on the IAL because it actively seeks Singaporean users and has features that could be misinterpreted to mean it is licensed by the regulator.

Singapore’s well-meaning attempt at crypto regulation may not work out, given its skeptical approach to the asset class, Ethereum co-founder Vitalik Buterin said in an interview with The Straits Times on Nov. 20.

On Nov. 19, the Singapore Police Force issued a warning about a website claiming to be hosted by the United States Department of Justice that prompts FTX users to log in with their account credentials, local news agency Channel News Asia reported. The website, which was not identified, targets local investors affected by the FTX collapse, claiming that customers “would be able to withdraw their funds after paying legal fees.”

Lawrence Wong, the Deputy Prime Minister of Singapore and Minister of Finance, has taken cognizance of the turmoil caused by FTX’s fraudulent business activities.&nbsp;He said, “And we’ve said this for a long time, even when people criticized us for saying that, which was that we need to take a strong stance against crypto speculation and trading, especially by retail investors.”&nbsp;