Question: Why is NuMoney in MAS Investor Alert List and Thomson Reuters World Check?
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gravatar for Steven Goh
5 months ago by
Steven Goh10
Singapore
Steven Goh10 wrote:

Why is NuMoney in MAS Investor Alert List and Thomson Reuters World Check? Is NuMoney legal?

numoneyexchange • 329 views
ADD COMMENTlink modified 3 months ago • written 5 months ago by Steven Goh10
1
gravatar for Steven Goh
5 months ago by
Steven Goh10
Singapore
Steven Goh10 wrote:

Preface

As is with every claim on the internet, you should always do your due dillgence:

Why is NuMoney on MAS Investor Alert List (as of October 16th 2018)?

I quote MAS:

The Investor Alert List provides a listing of unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or authorised by MAS. The information published on the Investor Alert List is based on what was known to MAS at the time of publication. This list is not exhaustive and will be updated.

NuMoney, is not licensed in Singapore to be a cryptocurrency exchange, because there are no licenses to apply for.

Here's what MAS said in an email:

image

In a call with MAS, MAS states that the problem here is that customers are assuming that being legal means we are licensed, and have been asking MAS about us. So they have to clarify that hey, NuMoney is actually not licensed.

So is NuMoney legal?

Not regulated basically means it (the affairs that are not regulated) cannot be illegal, so long as we obey current laws such as money-laundering and know-your-customer regulations by MAS.

But wait, don't trust us that we are doing the right thing, ask our lawyers (Coleman Street Chambers):

Email them at [email protected]

Here's a snippet of our legal framework on KYC structured by Coleman Street Chambers.

So why are you on World Check?

World Check crawls MAS website as a source information. Here's the world check report.

image

Is there anything to worry about?

No, nothing at all. Email or call MAS to verify these facts.

What are we doing about it?

In the short term, we are cooperating with MAS their concerns on the public claims that NuMoney is licensed.

In the long term. Our compliance officer (formerly financial crimes at Bank of Singapore) will see to it that we

  1. exceed the requirements for anti money laundering and counter terrorist funding regulations
  2. ensure that we acquire the license for the upcoming Payments Services Bill by MAS
  3. be the forefront of compliance for blockchain companies
ADD COMMENTlink modified 5 months ago • written 5 months ago by Steven Goh10
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gravatar for boon618
5 months ago by
boon6180
boon6180 wrote:

Please update here again when MAS start to regulate crypto.

Thank You

ADD COMMENTlink written 5 months ago by boon6180
0
gravatar for Steven Goh
5 months ago by
Steven Goh10
Singapore
Steven Goh10 wrote:

image

ADD COMMENTlink written 5 months ago by Steven Goh10
0
gravatar for Steven Goh
3 months ago by
Steven Goh10
Singapore
Steven Goh10 wrote:

Update, MAS got back to us:

We wish to reiterate that Numoney Pte Ltd is listed on the IAL because the Monetary Authority of Singapore (“MAS”) has received public feedback and complaints about Numoney Pte Ltd. The IAL serves to inform the public that Numoney Pte Ltd is an unregulated person who, based on information (including public enquiries) received by MAS, may have been wrongly perceived as being licensed or authorised by MAS. Therefore, the listing of Numoney Pte Ltd on the IAL does not necessarily imply that it has committed any wrongdoing or that it is fraudulent.

ADD COMMENTlink written 3 months ago by Steven Goh10
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