Scam News

The Singapore central bank has warned the public about a Bitcoin scam website

The Monetary Authority of Singapore (MAS) which is the country’s central bank has issued an official statement warning the public of a Bitcoin scam website. The website is soliciting bitcoin investments from unknowing investors by using false comments that are attributed to the MAS chairman Mr. Tharman Shanmugaratnam.

MAS says that the statements which are attributed to Tharman who is also the deputy prime minister are false and misleading. Except for one statement which quotes him saying that the country’s cryptocurrency trading is low.

The website is encouraging people to create a bitcoin account using their credit card or bank account and now the authority is urging the public to avoid entering personal and financial information on the website.

MAS has consistently maintained its stance on cryptocurrencies having previously said that investing in virtual currencies is risky. In December of 2017, the authority issued a statement about the risks associated with digital currencies.

Also, in February of this year, while responding to a question from the parliament, Tharman said citizens risk “losing their shirts” by investing in crypto. Now, the authority is encouraging citizens to report any investment they find suspicious to the authorities.

Following China’s crackdown on all crypto related activities in the country last year, Singapore has had to step up its regulatory activity as it was seen as a safe haven for ICOs and crypto exchanges.

In May, at a time when the number of ICOs and crypto exchanges was on the rise in the country, MAS asked eight crypto trading platforms to get authorized before they could offer digital token trades for tokens which they considered to constitute securities.

In November of last year, MAS announced that it was reviewing if more regulation was needed to protect investors from the dangers posed by virtual currencies.

What extra measures should these investors take to protect themselves from the Bitcoin scam website? Share your thoughts in the comment section below.

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Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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