Over the past few weeks, banks in Singapore have closed accounts of about ten cryptocurrency companies. the head of Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, Anson Zeall already called the situation "inexplicable" and asked the country's authorities to intervene in the problem. This is reported by the Blooberg.
From our analysis, it appears to be common among leading FinTech hubs. If this is the case, we would urge Singapore to take a leadership role and demonstrate how to come to an effective resolution among all parties.
The Monetary Authority of Singapore, the country’s central bank, said in a statement that it doesn’t interfere with commercial decisions taken by banks “including those in relation to the establishment and termination of business relationships.
In particular, the Singapore currency exchange CoinHako announced the closure of its account with DBS Bank.
The closure of our bank account might be due to matters pertaining to anti-money laundering rules and know-your-customer requirements. That’s why we go the extra mile to meet compliance standards set by the MAS.
CoinHako has already notified its customers that it will suspend trading in pairs to the Singapore dollar for several weeks before opening a new bank account.
It is worth noting that the closing of accounts occurred soon after the publication of the MAS warning that digital tokens that differ from digital currencies can be classified as securities. Later, MAS warned clients against investing in ICO, since it considers such transactions risky.