Scam News

Singapore financial regulator warns citizens of an ongoing crypto scam

Singapore’s financial regulator has warned the public of an ongoing crypto scam that claims the government has officially adopted a certain cryptocurrency. This is according to an official statement that was released on Jan 29.

In the statement, the Monetary Authority of Singapore (MAS) noted that the fraudulent scheme is going on through websites that offer cryptocurrency investments which are using false data that links to the government.

The websites promoting the crypto scam claim that the government of Singapore is adopting a crypto coin as its official currency. So to buy the coin on exclusive basis visitors on the sites are asked to provide personal and financial data.

This has forced MAS which also serves as the central bank of Singapore to intervene. The institution has also warned the citizens of the Asian nation about the dangers that are associated with investing in virtual currencies emphasizing that such investments are very risky.

Last week the financial regulator banned an ICO project from offering a security token offering (STO) in the country. The institution noted that any platform that wished to offer STO’s needs to be registered by MAS and has to comply with the country’s securities laws.

This is the second case in a week where a financial regulator has issued a warning on a crypto scam. Last Friday, the Malta Financial Service Authority also warned people of an alleged global crypto scam dubbed the ‘Bitcoin Revolution.’

The scam is being carried out on several websites including bitcoinrevolution.org site. According to MFSA the scammers are promoting the scheme by advertising on different social media platforms which redirect visitors to pages that contain various prominent local citizens who claim to made huge profits from investing in cryptocurrencies.

What’s your take on the fraudulent crypto scam? 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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