©Health & Fitness Journal. FILE PHOTO: Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong delivers the Singapore Energy Lecture during the 15th Singapore International Energy Week October 25, 2022 in Singapore. REUTERS/Isabel Kua
SINGAPORE (Health & Fitness Journal) – The collapse of crypto exchange FTX has raised “very serious allegations that amount to potential fraud,” Singapore’s finance minister and deputy prime minister said on Thursday.
Lawrence Wong said recent developments in the crypto market bolstered the city-state’s position that it was “on track” to focus on digital asset innovation, but also took a strong stance against crypto speculation and retail investor trading.
FTX was one of the largest exchanges in the world but had a spectacular meltdown in the past few weeks and has declared bankruptcy. A Health & Fitness Journal report revealed that at least $1 billion in client funds were missing from the failed crypto firm.
FTX officials did not immediately respond to an emailed request for comment.
FTX founder and former CEO Sam Bankman-Fried said he grew the business too quickly and didn’t notice red flags. He tweeted on Tuesday that his main goal was “doing what’s right for customers,” and he was meeting with regulators to that end.
Singapore is in the process of tightening the rules for private investment in cryptocurrencies, e.g. B. by not allowing exchanges to offer incentives for referrals.
Singapore-based investor Temasek Holdings has announced that it will write off the value of its entire $275 million investment in FTX.