The cryptocurrency wallet company, imToken, has addressed concerns raised by Singapore’s Monetary Authority (MAS) for listing it on the Investor Alert List (IAL).
On January 9, imToken clarified on Twitter that while they are based in Singapore, they have not sought or obtained a financial business license, leading to their inclusion on the cautionary list for investors.
imToken highlighted that it offers a self-managed wallet, offering decentralized wallet solutions globally, Singapore included. The company stressed that, unlike centralized custody services, imToken’s approach ensures users’ funds are always secure and untouched.
“We are currently actively communicating with MAS to clarify the distinctions in our business model to get imToken removed from the Investor Alert List,” reads the company announcement.
This statement from imToken followed shortly after the Monetary Authority of Singapore (MAS) listed the company in the Investor Alert List (IAL) on December 5, 2023. However, the specific reasons for this listing were not detailed on the MAS website.
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