Cryptocurrency wallet firm imToken has been included on the Investor Alert List (IAL) by the Monetary Authority of Singapore (MAS). The IAL is used to caution investors about potentially dubious platforms. In response, imToken announced on X (formerly Twitter) that it was blacklisted in Singapore due to its headquarters being located there, despite not having applied for a financial business license.
imToken is currently in active communication with MAS to clarify the specifics of their business model in an effort to be removed from the IAL. The company operates a self-custodial wallet, offering decentralized wallet services globally, including in Singapore. The firm stressed that as a decentralized wallet, imToken is distinct from centralized custodial services, and that users’ assets remain unaffected.
This announcement from imToken follows the firm’s addition to the IAL by Singapore MAS on December 5, 2023. The MAS website did not provide any information on why imToken was blacklisted. Shortly after blacklisting imToken, MAS added another crypto-related firm, the crypto exchange BKEX, to the list on December 8, 2023. This occurred several months after BKEX announced the suspension of withdrawals in May 2023.
imToken, which was founded in 2016, operates a software cryptocurrency wallet and a hardware crypto wallet known as imKey. The company’s crypto wallet apps are available on the Apple Store and Google Play, with review scores of 4.2 and , respectively. imToken was initially launched in Hangzhou, China, before relocating to its current headquarters in Singapore. In 2021, the company raised $30 million in Series B funding, led by Qiming Venture Partners and supported by previous investor IDG Capital, as well as new investors like HashKey.
As of 2021, imToken reportedly had 12 million users and $50 million in crypto stored on its platform, with total transactions exceeding $500 billion. Approximately 70% of the users were in mainland China, followed by markets in South Korea, the United States, and Southeast Asia.
While blacklisting firms like imToken, Singapore MAS has approved some industry companies. On January 7, Singapore’s central bank issued a Major Payment Institution license to the South Korean crypto exchange Upbit, allowing the firm to expand its offerings.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇨🇳 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | X (formerly Twitter), imToken, IDG Capital, HashKey, Qiming Venture Partners, Monetary Authority of Singapore, BKEX, Upbit |
| Currencies | Bitcoin |
| Securities | None |
