Monetary Authority of Singapore Warns Against Crypto Investment Scams

News, Regulation | January 31, 2019 By:

The Monetary Authority of Singapore (MAS), the country’s central bank, has warned its citizens against fraudulent websites that solicit investments in cryptocurrencies.

In a statement, the MAS cautioned members of the public not to be misled by bogus websites that are soliciting cryptocurrency investments using fabricated information attributed to the Singapore government.

“These websites falsely claim that Singapore is adopting a cryptocurrency as its official coin,” MAS said. “They also claim that a firm has been appointed exclusively to market this cryptocurrency. The sites ask readers to provide their personal and financial details to purchase the cryptocurrency. This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites.”

The central bank asks that members of the public who suspect that an investment offer could be fraudulent or misused for other unlawful activities should report such cases to the police, noting that putting money in cryptocurrencies is highly risky.

MAS and the Commercial Affairs Department (CAD) have issued several advisories in the past to warn the public of the risks of crypto investment offers. Last month, MAS published an advisory on investment scams promoting bitcoin trading. According to the regulator, these investment scams are advertised online and are designed to target Singapore residents.

“These advertisements feature well known personalities in Singapore, purportedly endorsing investment in bitcoin, and claiming that it generated massive profits for him or her,” MAS said. The online articles portrayed the investments to be safe and secure and highly lucrative. Members of the public are strongly advised to be cautious about investing in such schemes.”