PRESS RELEASE: MAS warns sites for Fake News, Soliciting Bitcoin Investment, Binance CEO Appreciates

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With bitcoin getting greater awareness, few sites are using fake comments to “solicit Bitcoin investment”.

The recent report shows that the Monetary Authority of Singapore (MAS)/ Singapore Prime Minister, Lee Hsien warns fraudulent website for using a fabricated comment attributed to Minister Tharman Shanmugaratnam. It has been declared as the fake news and in fact, the “highly deceptive and misleading”.

On Sunday evening, Mr.Lee posted on a facebook ;

“The statements attributed to DPM Tharman are completely false, apart from his observation that trading volumes in cryptocurrency are low in Singapore,”

Investment in Bitcoin and blockchain technology has been the hottest topics on the web. The MAS reminds people to run “extreme caution” before involving with such firms, asking for any personal information.

What the news was about?

The website asks the public to sign up for a Bitcoin account. With this, it directs users to enter their bank details and request for a credit card. Seeing this, MAS released a statement on Dec 19, 2017, warning public on cryptocurrency investment.

His Facebook post shows “screenshot of the website” where his picture is available as his quotes. More prominently, the quotes made was on “how profitable bitcoin investment can be ”.

DPM Tharman has had a negative statement on cryptocurrency investment in early 2018. In fact, on February 05, 2018, on questioning the investment in cryptocurrency, he said that

“Singaporeans could lose their shirts when they invest money in cryptocurrencies”.

Mr. Lee also mentioned the “Parliamentary Select Committee” on the fake news which may release new laws encouraging the government to fight against fake news. The committee of 10 members has already submitted the report to Parliament on Wednesday. On the whole, there were 22 recommendations which also include enacting legislation, enforcing tech firms to take charge of fake content over their platforms and forming the framework that will guide the public over the false information.

He said that preventing such fake news is not the role of government alone. In his words;

“Countering fake news is not something the Government can do alone. We need the cooperation of many groups – businesses, tech companies, media organizations, public institutions, and most of all, the public – to be aware and to be responsible.”

The stake of Binance CEO

Changpeng Zhao, CEO of Binance exchange appreciates the effort by Mr.Lee. Consequently, he took Twitter, tweeting;

Prime Minister of Singapore goes on twitter himself to fight scammers in our nascent space. Respect!

— CZ Binance (@cz_binance) September 22, 2018

So what’s your stake in fighting fake news on Bitcoin?

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