MAS Warns About Fraudulent Sites Misleading Bitcoin Investments

The Monetary Authority of Singapore (MAS) has warned of a fraudulent website using fabricated comments attributed to Deputy Prime Minister Tharman Shanmugaratnam to solicit bitcoin investments. The MAS stated that the website’s article is highly misleading and deceptive. It further mentioned that the statements ascribed to DPM Tharman are absolutely wrong, apart from his comment that trading volumes in cryptocurrency are less in Singapore.

MAS informed the members of the public to work on the dangerous caution when dealing with such websites and to avoid providing any monetary or personal info on the forms linked from the websites.

The cases of fake investments and other forms of illegal activities should be referred to the Police. MAS had previously issued an advisory on Dec 19, 2017, to caution the public of the risks of cryptocurrency investments. Because such bitcoin investments sites are risky and it asks readers to sign up for a Bitcoin account and requests for credit card or bank account details. It further puts the money in cryptocurrencies such as Bitcoins is highly risky. One of the articles that are risky describes as a “venture capitalist” who announced that Singapore is stepping into the bitcoin cryptocurrency market.

A report published in Business Times stated that such cases of fake investments and other forms of illegal activities should be referred to the Police. DPM Tharman. It is even mentioned that Singaporeans “could lose their accounts when they invest money in cryptocurrencies.

ICOs Draw Concern

Recently, the MAS reported eight cryptocurrency trading platforms that it declined to name to become authorized before offering digital token. The MAS even stopped an ICO at the time, requesting the issuer despoiled securities law after the central bank found the tokens signified equity ownership in a company and the offering did not have the required MAS registered catalog.

In November 2017 CCN reported, the MAS had offered a guide to digital token offerings while the central bank was studying if more regulations are required to protect investors from the risk related to bitcoin investments sites and cryptocurrencies.

The post MAS Warns About Fraudulent Sites Misleading Bitcoin Investments appeared first on OWLT Market.

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