The collapse of crypto exchange FTX has "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 they were "on the right track" in focusing on digital assets innovation, but also taking a strong stance against crypto speculation and trading by retail investors. (Reporting by Chen Lin; Writing by Xinghui Kok; Editing by Kanupriya Kapoor)