Singapore’s Monetary Authority of Singapore (MAS) renewed its warning on November 5 that cryptocurrency trading is unsuitable for the general public following a reported hack involving approximately $6.3 billion in digital assets from Binance-controlled wallets. The affected assets reportedly included Bitcoin, Ethereum, USDT, USDC and smaller tokens, while withdrawals and some trading services were temporarily disrupted. MAS urged consumers to avoid unregulated companies and reiterated that Binance is not authorized to provide regulated financial services in Singapore. Binance previously operated Binance.sg, withdrew its Singapore license application and ended the platform’s operations in 2022; MAS placed Binance on its Investor Alert List in September 2021. The authority said licensing and required safeguards can reduce some risks but cannot fully protect users from losses arising from crypto-asset volatility, cyberattacks, operational failures and other risks inherent to digital assets. The Hong Kong Monetary Authority similarly said licensed digital payment token companies must maintain strict technology and cybersecurity controls, while stressing that oversight does not guarantee cryptocurrency investment safety.