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Singapore PM warns citizens against trading on unregulated cryptocurrency platforms
Singapore has always been known as a country that supports crypto technology. Recently, however, the authorities have been concerned about a number of problems with unregulated cryptocurrency platforms.
According to Premier Lee Xian Lung, Singaporeans need to be vigilant in their trade. Trading on unapproved crypto-exchanges can be dangerous.
According to the prime minister, it is necessary to choose exchanges regulated by the Monetary Authority of Singapore (MAS). In this case, traders are protected by the laws of Singapore and can count on the help and support of the state.
Why is it dangerous to operate unregulated sites?
Many platforms operating without a license provide knowingly false information. They exploit the popularity surrounding famous politicians, musicians and other stars.
Lee Xian Lung was also involved in this practice. Recently, the politician noticed his photo taken from one of the platform's official site. The BitClout project created Creator Coins, which is associated with the reputation of famous people. Lunga's profile was also on the site. The politician made a claim and asked to delete the photo.
But there are a lot of sites on the Internet that use illegal photos of famous people and even speak on their behalf. Aggressive advertising is usually published on such platforms. And the risk of losing money is unnecessarily high.
To avoid becoming a victim of scams, choose a safe platform. Open an account on Binance and trade cryptocurrencies safely.
The article has an informational character, reflects the opinion of the author. Before you make a decision, analyze the market situation.