Crypto Scam In Singapore Gains Momentum

Ordinary people, who want to invest in cryptocurrencies, always become victims of crypto scammers. Over the last two months, a crypto scam in Singapore reached a new level. It is known according to the latest study.

An advertisement of the cryptocurrency services, which use to offer to invest in Bitcoin, is the basic method for crypto scammers in Singapore. Only in the period from September to November, citizens of Singapore lost their funds in the amount of $78,000.

The scam cases have become more frequent, that is why local authorities carefully investigate firms, which provide the above-mentioned services. The main objective is to collect all information about schemes, which are used by scammers in order to deceive potential investors.

The most popular method for scammers is to place an online advertisement on sites. Furthermore, they use people, which are seen to be credible for the community. The majority of online ads offers an instant profit and a lack of risk. Those, who decided to click on ads and visit a page, were asked to fill up basic data and leave a phone number. Later, the so-called manager contacted clients and convinced them to invest in Bitcoin.

It is known now that scammers were overseas and had no license for their activity by the Monetary Authority of Singapore (MAS). Given the fact that this body does not regulate crypto, investors had no legal grounds to claim compensation after losses.


Recently, we informed that the Central Bank of Singapore expanded the regulatory regime for payment services under its jurisdiction.

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