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Singapore Central Bank Warns People on Bitcoin Scam

The Monetary Authority of Singapore (MAS), which operates the country’s central bank, has released a press statement regarding a website promoting bitcoin scam using misleading comments purportedly from Tharman Shanmugaratnam, the MAS chairman and Deputy Prime Minister.

According to the statement, MAS warned that people should exercise caution and avoid making mistake by providing personal or financial information on the website. This is to prevent unsuspecting people from creating a bitcoin account using a bank account or credit card. Last December, MAS stated through a warning notice about the risks investing in cryptocurrencies. Tharman has even said that Singapore citizens could “lose their shirts” for doing so during a Parliamentary question earlier this year in February.

MAS also encourage citizens to contact the local authority if they find anyone suspicious about the bitcoin investment scam. Following China’s crackdown on bitcoin scam, Singapore officials have been proactive with their regulatory activity since last year. This is especially evident, given the country being a target for cryptocurrency exchanges and ICOs.

Back in end May, MAS issued another warning against eight crypto exchanges against aiding the trading of digital tokens without official authorisation. At the time, MAS stopped an ICO, in which they claimed the issuer broke the security law after the central bank discovered the tokens described as an equity ownership in a company. Furthermore, the ICO did not register without a prospectus to MAS.