In a move reminiscent of how it managed Binance in 2021, Singapore's regulator, the Monetary Authority of Singapore (MAS), has now included the non-custodial wallet provider imToken in its Investor Alert List.
This development previously served as the wake up call for Binance to relocate its management from Singapore to Dubai last year.
imToken has taken to the X (formerly known as Twitter) to state that it will be applying for a removal from the list.
Understanding ImToken
ImToken is the entity behind the software cryptocurrency wallet and the hardware crypto wallet imKey.
Originally established in 2016 and initially launched in Hangzhou, China, imToken later shifted its headquarters to Singapore.
In 2021, the company successfully raised $30 million in a Series B funding round, spearheaded by Qiming Venture Partners, and received support from existing investor IDG Capital, along with new investors, including HashKey.
Reporting 12 million users and holding $50 million in crypto on its platform as of 2021, imToken claims it has a total transaction value exceeding $500 billion.
The user base is placed predominantly in mainland China (about 70%), with other significant markets including South Korea, the United States, and Southeast Asia.
What is the Investor Alert List?
The Investor Alert List serves as a compilation of individuals or entities who, according to MAS's available information, may be or may have been incorrectly perceived as being licensed or authorized by MAS. It also encompasses those who may have presented units in a business trust or collective investment scheme, misinterpreted as authorized, recognized, or registered by MAS. Additionally, it includes those who have made investment offers that might be wrongly perceived as being associated with a document lodged or registered with MAS. It is crucial to note that this list is not exhaustive and is based on the information known to MAS at the time of publication.
MAS's latest updates to the Investor Alert List feature not only imToken but also other entities such as BKEX, SGNowX, and Mortimer Investment.
Bernice
