Singapore Regulatory Crackdown: Comedian Mark Lee Detained After Crypto Platform Promotion

The Monetary Authority of Singapore (MAS) has taken swift regulatory action against a prominent public figure promoting cryptocurrency services without proper authorization. According to Odaily, Singaporean comedian Mark Lee was detained by local authorities following his promotion of a cryptocurrency trading platform called Immediate Mentax 0.7 during a live television broadcast.

During the program, Lee reportedly made claims that users could generate profits simply by registering for the platform at no cost. The broadcast was abruptly terminated after MAS officials contacted the network and demanded an immediate cessation of the program. While Lee was taken into police custody following the incident, reports indicate he was released shortly thereafter.

The regulatory response didn't end with the detention. Multiple financial institutions in Singapore have subsequently filed formal charges against the comedian, highlighting the serious nature of unauthorized cryptocurrency promotion in the highly regulated Singaporean financial market.

This incident underscores Singapore's strict stance on cryptocurrency marketing and promotion, particularly when claims of guaranteed profits are involved. The MAS has consistently maintained rigorous oversight of cryptocurrency-related activities within its jurisdiction to protect consumers and maintain financial stability.

Disclaimer: This article contains third-party reporting and does not constitute financial advice. Some content may be sponsored.