imToken, a cryptocurrency wallet firm, is actively seeking removal from Singapore's Investor Alert List (IAL) after being added by the Monetary Authority of Singapore (MAS). The company, which operates a self-custodial wallet offering decentralized services globally, including in Singapore, stated that it differs from centralized custodial services. This addition to the IAL, which occurred on December 5, 2023, was due to imToken not applying for a financial business license in Singapore, despite being headquartered there. The firm emphasized that users' assets remain unaffected by this listing. imToken, founded in 2016 in Hangzhou, China, before moving to Singapore, has a significant user base with substantial crypto transactions on its platform. While the MAS has blacklisted certain crypto firms like imToken, it has also approved others, like the South Korean crypto exchange Upbit, as Major Payment Institutions.
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