Singapore Cryptocurrency Firms Facing Bank Account Closures
One industry body says 10 member companies are affected
CoinHako said in blog that DBS had closed its bank account
Singapore banks have closed accounts of several companies which specialize in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms.
Account Closures
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.” Banks are expected to establish suitable procedures and controls, including those governing customer transactions and relationships, and to comply with customer due diligence requirements of MAS rules on preventing money laundering and the financing of terrorism, the statement added.
Chia Hock Lai, president of the Singapore Fintech Association, which has broader membership than Access, said some of his organization’s members also experienced account closures, though he didn’t provide figures.
Neither organization named the banks which had closed their member firms’ accounts, but Access said the action had been taken by a “range of financial institutions.” Access has 106 members and the Fintech Association has 185, though the two organizations said some companies belong to both groups.