The Monetary Authority of Singapore (MAS) slammed a Bitcoin (BTC) article on a fraudulent website criticizing its Chairman Tharman Shanmugaratnam as misleading and deceptive. This fraud site posted fabricated comments on its page and attributed it to the chairman of MAS to solicit investments. Tharman is also Singapore’s Deputy Prime Minister.

MAS warns public regarding revealing personal information on website links

According to a statement from MAS, “The statements attributed to Tharman are completely false, apart from his observation that trading volumes in cryptocurrency are low in Singapore. Putting money in cryptocurrencies such as Bitcoins is highly risky.” The statement further added that the public should observe extreme precaution while providing any personal or financial information on the links of such websites.

On December 19 last year the authority posted a warning to the public related to risks involved in investing in cryptocurrencies. The Singaporean Deputy Prime Minister in February this year while replying to a few questions in the Parliament said that Singaporeans may lose everything if they invest in virtual currencies. In its statement, MAS requested the public to report cryptocurency investment related cases to the police that they find suspicious, fraudulent or misleading.

Crypto market boom in Singapore

Even though MAS is asking members of the public to take precautions while investing in cryptocurrency, the digital assets market continues to remain active. Dunamu, the parent company of Korea’s largest cryptocurrency exchange Upbit announced that it will open an exchange for trading in Singapore. The news stimulated a wave of anticipation and enthusiasm in the crypto market of Singapore.

This new development in the crypto market may bring a positive impact on the overall digital currency market within Asia. Upbit Singapore will begin trading next month. Upbit chose Singapore because it is the most promising and fastest growing cryptocurrency market in the Asian continent.