The Singaporean finance minister and various financial regulators have been questioned about their roles in the massive losses suffered by Singaporeans when FTX, one of the largest crypto exchanges at the time, collapsed and went bankrupt earlier this November.
According to data from Yahoo Finance, Singaporean residents account for 5% of total FTX users. In an attempt to shield himself from scrutiny and questions from the Singaporean parliament, the country’s deputy prime minister, Heng Swee Keat, stated, “FTX is not the first crypto exchange that has collapsed and will not be the last of its kind to collapse.”
The Singaporean parliament has also placed the country’s finance minister and financial regulators on the hot seat in relation to the fall of FTX and its overall impact on the country’s general economic condition. The reply to the parliamentarians’ questions was sent on Wednesday, November 30th.
It is worth noting that the Monetary Authority of Singapore (MAS) was one of the first government agencies in the world to implement strict cryptocurrency regulatory policies. Nevertheless, the parliament has criticized MAS and the country’s Prime Minister, Lee Hsien Loong, over the damage caused by the collapse of the once-dominant FTX.
MAS was particularly questioned as to why it had placed Binance, a close competitor of FTX at the time, on an investor alert list while omitting FTX from the same list.
Not only was FTX not included on the list, but Temasek, a state-owned investment firm, invested in the failed FTX, resulting in a total loss of more than $275 million of the investment firm’s funds.
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