Cryptocurrency wallet firm imToken has responded to the Monetary Authority of Singapore (MAS) adding it to the Investor Alert List (IAL), which is used to warn investors against suspicious platforms.
ImToken took to X (formerly Twitter) on Jan. 9 to announce that it was blacklisted in Singapore because the company is “headquartered in Singapore” but has not applied for a financial business license there.
“We are currently actively communicating with MAS to clarify the distinctions in our business model to get imToken removed from the Investor Alert List,” the company said in a statement.
ImToken mentioned that the company operates a self-custodial wallet, providing decentralized wallet services worldwide, including in Singapore. “As a decentralized wallet, imToken differs from centralized custodial services,” the firm emphasized, adding that users’ assets “remain unaffected.”
The post by imToken came a few weeks after the MAS placed the firm on the IAL on Dec. 5, 2023. The MAS website didn’t provide any data on the reasons for blacklisting imToken.
In the days after blacklisting imToken, the MAS added one more crypto-related firm to the list — the crypto exchange BKEX — on Dec. 8, 2023. The blacklisting comes months after the exchange announced the suspension of withdrawals in May 2023.
ImToken operates the eponymous software cryptocurrency wallet and a hardware crypto wallet known as imKey. ImToken’s crypto wallet apps are available on the Apple Store and Google Play, with review scores of 4.2 and 4.4, respectively.
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Founded in 2016, imToken was reportedly launched in Hangzhou, China, before moving to its current headquarters in Singapore. In 2021, imToken raised $30 million in a Series B funding round led by Qiming Venture Partners and supported by its previous investor, IDG Capital, as well as new investors, such as HashKey.
As of 2021, imToken reportedly had 12 million users and $50 million in crypto stored on its platform, with a total transaction value exceeding $500 billion. About 70% of the users were in mainland China, followed by markets including South Korea, the United States and Southeast Asia.
While blacklisting crypto firms like imToken, the MAS has approved some industry companies. On Jan. 7, the regulator issued a Major Payment Institution license to the South Korean crypto exchange Upbit, allowing the firm to expand its offerings.
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