Cryptocurrency wallet firm imToken has responded to the Monetary Authority of Singapore (MAS) including it on 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 imToken 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,” imToken said in a statement.

imToken mentioned that the company operates a self-custodial wallet, providing decentralized wallet services worldwide, including 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 Singapore 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.

imToken wallet asks Singapore authorities for blacklist removal image 0 imToken’s listing on Singapore MAS’ Investor Alert List on Dec. 5, 2023. Source: MAS

In the days after blacklisting imToken, Singapore 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 Apple Store and Google Play, with review scores of 4.2 and 4.4 , respectively.

Related: Bitcoin’s first wallet receives $1.17M in surprise transaction

Founded in 2016, imToken was reportedly  launched  initially in Hangzhou, China, before moving to its current headquarters in Singapore. In 2021, imToken raised $30 million in Series B funding led by Qiming Venture Partners and supported by its 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 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 delisting crypto firms like imToken, Singapore MAS has approved some industry companies. On Jan. 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.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts