Singapore regulator warns of national cryptocurrency scam – FinTech Futures

The Monetary Authority of Singapore (MAS) is warning the public not to be misled by fake websites that solicit investments in cryptocurrencies using fabricated information attributed to the Singapore government.

These websites falsely claim that Singapore is adopting a cryptocurrency as its official coin. That is not the case.

Back in November 2018, the Bank of Canada, Bank of England and MAS did reveal the potential and their increased interest in blockchain-fuelled payments. There was also talk of a “Wholesale Central Bank Digital Currency”.

But MAS is a good communicator and if things become official, it well let people know.

In this latest development, the Singapore regulator says the wannabe fraudsters 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.

MAS says: “This is a scam and members of the public should avoid providing any financial or personal information on the forms linked from the websites.”

It adds: “Putting money in cryptocurrencies or digital tokens is highly risky.”

MAS and the Commercial Affairs Department (CAD) have issued several advisories on 19 December 2017, 18 September 2018, 19 September 2018 and 5 December 2018 to warn the public of the risks of such investment offers.

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.

The crypto world is struggling to shake off its devious reputation at present.

Just yesterday (29 January), confusion emerged as crypto exchange Liqui decided to close because it was no longer able to provide liquidity for its users left.

There are concerns from users on Twitter about this news. Some can’t get their funds out and some can’t submit a ticket to find a solution.