Singapore's deputy PM: FTX case has raised 'serious allegations'

FILE PHOTO: Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong delivers the Singapore Energy Lecture during the 15th Singapore International Energy Week, in Singapore October 25, 2022. REUTERS/Isabel Kua

SINGAPORE (Reuters) - The collapse of crypto exchange FTX has raised "very serious allegations that amount to potential fraud", Singapore's finance minister and deputy prime minister said on Thursday.

Lawrence Wong said recent developments in the crypto market reinforced the city-state's position that it was "on the right track" in focusing on digital assets innovation, but also taking a strong stance against crypto speculation and trading by retail investors.