With the upheaval that crypto is currently facing, it is clear that investing in cryptocurrency is risky.
According to the Monitoring Authority of Singapore, there is no security for the people investing money in cryptocurrency and because of this, all these people can lose their entire money.
Recently, after the bankruptcy of crypto service provider FTX, various rumors were flying.
On November 11, about 130 affiliated companies with the crypto exchange FTS Trading sought protection under bankruptcy law in the US.
Even before this, many big crypto companies have declared themselves bankrupt. The central bank of Singapore said the biggest misconception was that MAS could save local customers transacting with FTFs from drowning their money.
According to MAS, it cannot do this because FTX is not licensed by it and does business overseas. MAS has urged people to invest money in unregulated entities many times.
The central bank said that the biggest lesson learned from the collapse of FTX is that investing money in cryptocurrencies is extremely harmful, regardless of the platform.