Monetary Authority of Singapore Warns People About Website Promoting Bitcoin Scam

Sep 19, 2018 at 15:00 Update Date :Sep 19, 2018 at 15:00 UTC

A fake website appealing for Bitcoin investments is circulating in Singapore. The Monetary Authority of Singapore (MAS) has issued a statement to make people aware and act with extreme caution while investing in Bitcoin.

The illegal website is using comments ascribed to Tharman Shanmugaratnam, the Deputy Prime Minister of Singapore, to implore Bitcoin investments. The Website is using a headline like “Tharman Shanmugaratnam Invests $1 Billion for All Singapore Resident. Use his method to become rick in 7 days!”

Not just the Deputy Prime Minister but the website is also portraying the MAS chairman as ‘venture capitalist’ who according to the website has announced Singapore’s entry into the cryptocurrency market. After such a misleading headline, the website is asking users to sign up and make payments using credit and debit cards.

Monetary Authority of Singapore has officially proved such news as false. MAS said that the website’s article on Bitcoins is highly misleading. The statement has nothing to do with DPM Tharman.

MAS advised people to be highly aware and avoid providing any useful financial information to such fraud websites.

A year ago, on December 19, MAS had put a notice warning people of the risks involved in cryptocurrency. A similar warning was given by the DPM Tharman in a reply to a Parliamentary Question on February 5, 2018, that people of Singapore could lose their shirts if they invest their money in cryptocurrencies.

MAS appealed to people that they should inform or report to police when they suspect such fraud websites.
In May, the MAS notified eight cryptocurrency trading platforms that before offering a digital token, trades for tokens constituting securities or digital tokens. The notice was emanated at the time when the amount of exchanges and token offering had grown fast in the country.

Also, MAS impeded ICOs that time claiming that the issuer violated law after the central bank found the tokens (represented equity ownership) not having the required MAS registered description.

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