What is a bitcoin scam in Singapore?
Cryptocurrency exchanges and trading are allowed in Singapore, and the city-state has taken a more welcoming stance on the subject than some of its regional neighbours. Despite the fact that cryptocurrencies are not considered legal tender in Singapore, the tax office recognizes them as “goods” and imposes the Goods and Services Tax (the country’s version of VAT).
What are the known scams?
Following a scam in which the country’s Prime Minister was involved in a token fraud on a local token trading platform, his name and identity were used to sell tokens worth $10,000, the Monetary Authority of Singapore (MAS), which governs financial markets in Singapore, issued the warning.
After his name, picture, and social media profiles were linked to an alleged digital currency fraud, Prime Minister Lee Hsien Loong issued a statement advising caution.
How to avoid Bitcoin scams?
Humans will find methods to harm each other regardless of the medium, and regrettably, criminals have ‘upgraded’ and are now employing cryptocurrencies to carry out their crimes.
Singapore is no exception since there has recently been an increase in crimes involving bitcoin investments.
Here are the tips to avoid scams:
- Any investment that promises abnormally high and guaranteed profits is almost certainly a rip-off because proper investing takes time. It’s almost always true when something appears to be too wonderful to be true.
- Don’t invest in anything that isn’t inside your area of expertise.
- Use only trusted cryptocurrency exchanges.
- Learn everything there is to know about the risks and rewards of your investments.
- Before investing, always conduct thorough research and due diligence.
An incident happened recently wherein, Police in Singapore assisted in the investigation of a scam involving bitcoin machines in a local mall.
Scammers put up signs pretending to be a notice from law enforcement concerning bitcoin ATMs at Tampines One Mall in Singapore, but they were put up by scammers hoping to fool customers into calling a phone number.
When a 49-year-old man called, the fraudsters pretended to be Chinese police, informing him that he was being investigated for a global crime. The victim was subsequently instructed to send a total of $1,000 ($734) in bitcoin to the scammers’ wallets on two separate occasions, which he did.
During their investigation, the police began patrolling the area and were able to prevent a 32-year-old male from dialing the same number.
Where to report the Cryptocurrency (Bitcoin) scam in Singapore?
These investment schemes are based outside of Singapore and are not regulated by the Singapore Monetary Authority (MAS). Those considering investing in such scams are strongly encouraged to exercise caution.
Anyone with knowledge of fraudulent activity taking place on such unregulated online trading platforms can contact the Police Hotline at
Call: 1800-255-0000 or
Website: submit it online at www.police.gov.sg/iwitness.
For urgent Police assistance, please dial ‘999’ or for emergency SMS contact 71999.
Please contact the anti-scam helpline for the scam-related assistance
Call: 1800-722-6688 or