imToken Wallet Petitions Singapore Authorities for Removal from Blacklist

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.