MAS has alerted the public about the following brokers. This is a serious situation. Many financial services online are frauds, but not all get the attention of regulators. The fact that the Monetary Authority of Singapore has flagged these brokers is sufficient reason to avoid them.
What have these brokers done to merit these warnings? Plenty. MAS isn’t quick to warn about brokers–they have investigated each one of these brokers and have either found problems such as licensing, unauthorized activities or many customer complaints.
At CryptoCoinTrace, our goal is to keep the public informed and your money safe. We urge caution when selecting a broker and recommend in-depth research before opening an account. One research tool is using these scam broker reviews as hints on which services to avoid. Check these reviews periodically to ensure you aren’t dealing with a scam broker.
The MAS or the Monetary Authority of Singapore is an organization that is in charge of regulating markets and financial institutions in Singapore. It operates the Singapore Central Bank, mints currency and regulates financial growth through raising and lowering interest rates.
In addition to dealing with monetary policy, the MAS oversees financial services running in Singapore. This means ensuring compliance with regulations and proposing policy changes. The MAS is concerned with maintaining free and fair markets and educating consumers about risks involved in investing.
The MAS regularly issues warnings about brokers that claim to be located in Singapore and are signing up customers in the region without a license. They handle customer complaints and take disciplinary action against potential scams.
MAS has a solid reputation and a set of core principles it adheres to when examining financial services. The following are common reasons brokers may end up being flagged by MAS
Many of the brokers on this list don’t have a license. One thing many consumers don’t know is that all financial services must be licensed in the region they are located and where their customers are based. The MAS warns the public if brokers have no license, are inadequately licensed or are falsifying their license. It’s important to always check a broker’s credentials before signing up with them and to confirm any licensing information on the regulator’s website.
Many of these brokers don’t mention who runs them, credentials, contact information and even location. This lack of transparency can be dangerous–it can make it difficult for the client to track down brokers in case something goes wrong.
Scam brokers are known to make misleading statements that may seem harmless at first, but can often confuse or give customers a false impression. This can include promises of returns, which no broker can guarantee or exaggerations about how low their fees are.
Many customers complain to regulators once their access to accounts has been limited or stopped. Before this happens, they may have had their suspicions about the broker, but these suspicions are confirmed once service stops and they can’t get a hold of their funds.
Customer complaints are the main reason brokers end up being flagged by the MAS. The regulator will look deeper than the claims and will examine the situation to ensure that there is a basis for a complaint. If the MAS receives a number of complaints, they’ll issue a warning.
MAS Has Flagged A&A Blockchain Technology Innovation Pte Ltd–Beware! MAS or the Monetary Authority of Singapore has warned the public about A&A Blockchain Technology Innovation
If you currently hold an account with any of these brokers, close it and demand an immediate withdrawal of all of your funds. If you do not receive a withdrawal from this broker contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!