Cryptocurrency wallet provider imToken has responded to its inclusion in the Investor Alert List (IAL) by the Monetary Authority of Singapore (MAS), cautioning investors about suspicious platforms.
On January 9, imToken took to X (formerly Twitter) to announce that it had been added to Singapore's blacklist due to being "headquartered in Singapore" but without a financial business license application filed in the country.
The company stated its active engagement with MAS to clarify its business model nuances in a bid to be removed from the investor alert list. Emphasizing that imToken operates a self-hosted wallet and offers decentralized wallet services globally, including in Singapore, the company highlighted the distinction from centralized custody services and reassured users that their assets "are not affected."
MAS included imToken in the IAL list on December 5, 2023, without specifying the reasons behind this action. Subsequently, on December 8, 2023, MAS added another cryptocurrency-related entity, BKEX, to the list, following the exchange's temporary suspension of withdrawals in May 2023.
ImToken manages a software cryptocurrency wallet bearing the same name and a hardware crypto wallet named imKey. Both are available on the Apple Store and Google Play, receiving ratings of 4.2 and 4.4 respectively. Founded in 2016 in Hangzhou, China, imToken later relocated its headquarters to Singapore. In 2021, the company concluded a Series B financing round of US$30 million, backed by new investors like Qiming Venture Partners alongside initial investor IDG Capital and HashKey.
Reportedly boasting 12 million users, storing $50 million in cryptocurrency, and facilitating a total transaction value surpassing $500 billion, imToken's user base is primarily concentrated in mainland China (accounting for about 70%), followed by markets such as South Korea, the United States, and Southeast Asia.
While MAS has flagged cryptocurrency firms like imToken, it has concurrently granted approvals to several industry players. Notably, South Korean cryptocurrency exchange Upbit was awarded a major payments institution license on January 7, allowing it to expand its product offerings.
