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CDS Crypto News imToken Wallet Petitions Singapore Authorities for Removal from Blacklist

Crypto News

imToken Wallet Petitions Singapore Authorities for Removal from Blacklist

The cryptocurrency wallet company imToken found itself on Singapore's Investor Alert List because it failed to apply for a license in the country, according to the firm's statement.

sevval09/01/20241 Mins read377

Cryptocurrency wallet firm imToken has responded to being added to the Monetary Authority of Singapore’s (MAS) Investor Alert List (IAL), a platform used to caution investors about potentially suspicious entities.

imToken Wallet Petitions Singapore Authorities for Removal from Blacklist

Taking to X (formerly Twitter) on January 9, imToken announced its blacklisting in Singapore due to being ‘headquartered in Singapore’ without having applied for a financial business license in the country.

In a statement, the company expressed active engagement with MAS to clarify distinctions in its business model, seeking removal from the Investor Alert List. ImToken highlighted its operation as a self-custodial wallet, providing decentralized wallet services globally, including in Singapore. The firm stressed the difference from centralized custodial services and assured users that their assets ‘remain unaffected.’

This announcement from imToken follows its inclusion on the IAL by MAS on December 5, 2023. The MAS website did not provide specific reasons for blacklisting imToken. Subsequently, on December 8, 2023, MAS added another crypto-related firm, BKEX, to the list. The move follows BKEX’s announcement of withdrawal suspension in May 2023.

ImToken, known for its eponymous software cryptocurrency wallet and hardware crypto wallet called imKey, operates apps available on the Apple Store and Google Play, with respective review scores of 4.2 and 4.4.

Sources:cointelegraph

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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