CashlessPay Group Singapore Coin: Be Careful of This Fraud

What Is CashlessPay Group Singapore Coin?

The CashlessPay Group has been promoting the coin, saying that the Government of Singapore made a decision to implement a national digital currency, which is the Singapore Coin.

At the time of writing, the SG-Coin is valued at 0.0026 Euros. The value is expected to rise to thousands of dollars, which means that even with just a small investment, holders of this coin are poised to be overnight millionaires. But the circumstances surrounding the coin leave more questions than answers.

Out To Steal Your Money

The SG-Coin promoted by the CashlessPay Group is simply a project out to steal money from unsuspecting investors. There is nothing good about it.

To begin with, the coin is fake. Neither Singapore nor any other country in the world has plans to have a national digital currency to replace the fiat currency already in place. Secondly, SG-Coin is non-existent. What CashlessPay is talking about is utter nonsense. The designation BCN used for the coin refers to ByteCoin, which has no association with SG-Coin.

Fake Reviews

In addition, all reviews displayed on CashlessPay website purporting to endorse the SG-Coin are all fake. The quotes are supposedly from prominent people in the crypto space. However, the truth is that these people never spoke about the coin. Besides, the coin never appeared anywhere in the media as indicated on the website, something totally fake.

How CashlessPay Group Singapore Coin Works

Once you sign up as an investor, the team behind the scam creates a trading account on your behalf using an unregulated broker such as Tradewell. You are then asked to deposit money to that account through the broker. At that point, you’ll think that you’re buying a digital currency from Singapore. Once you submit the money, the process is over. You will only realize later that the said coin never exists—it’s not available for trading and the broker will never let you withdraw anything. In essence, your money is lost.

CashlessPay Group Singapore Coin Conclusion

The crypto space has its share of challenges, one of which is fake coins like the SG-Coin. There is nothing like Singapore’s national cryptocurrency. For a genuine crypto trading account, it’s advisable to involve a regulated broker.

This review reveals that the SG-Coin, popularly known as Singapore Coin, is a scam.