Singapore’s Central Bank Warns Citizens Against Cryptocurrency Exchange Scam

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The Monetary Authority of Singapore (MAS), the apex bank of the country, has warned investors to be wary of a scam bitcoin investment website that has been soliciting for funds from members of the public by using false statements purportedly made by Goh Chok Tong, the former Prime Minister of Singapore, according to a press release on July 31, 2019.

Bitcoin Thieves Deceiving Investors 

Per a statement released by the MAS, bad actors have devised a new means of defrauding unsuspecting crypto investors in the region.

Specifically, the MAS says a scam bitcoin trading website called “Bitcoin Loophole” has been using false statements, purportedly made by Goh Chok Tong, to lure gullible investors into pumping in their hard-earned money into their illegal project.

The site promises to automatically execute trades on behalf of users who make an initial deposit of $250 and it also asks potential investors for their credit card and bank account details.

The MSA declared:

“The website’s [Bitcoin Loophole] write up about Bitcoins references statements purportedly made by ESM Goh which are either false or have been taken out of context and used in a misleading way,”

MAS Warns Investors

Though the MAS failed to state whether Singaporeans actually fell victim to the fake crypto investment scheme, it has however advised citizens to be wary of the site and avoid entering their financial details into the forms on the platform.

It has also urged investors to promptly report suspicious websites and crypto investment schemes to the police.

Unlike nations such as India and China, Singapore has a liberal stance towards bitcoin and altcoins even though cryptocurrencies are treated as “goods” in the state instead of a legal tender.

Crypto criminals have often tried to leverage the country’s vibrant cryptospace to launch investment schemes aimed at defrauding local cryptocurrency newbies, however, the MAS has been working hard to curb the activities these bad eggs.

In January 2019, the MAS published a statement notifying investors of fraudulent websites claiming to be under the Singapore government and trying to lure people into investing in a “shitcoin” they claim is the official crypto of the state.

Despite these challenges, the government of Singapore remains determined to make life easier for crypto investors and maintain its status as a blockchain technology hub.

Earlier this month, BTCManager informed that Singaporean authorities were looking to implement tax exemptions for bitcoin and other virtual currencies that function as payment tokens. 

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