The unregistered-platform problem in Singapore
Most crypto losses in Singapore happen on platforms that were never licensed by the Monetary Authority of Singapore (MAS). Registration status is the single strongest predictor of whether money can be recovered — and it takes two minutes to check.
Why registration status decides everything
A licensed platform in Singapore must hold client funds separately, verify identities and answer to MAS. An unregistered one offers none of those protections — which is why funds that vanish there are recoverable through claims, not just tracing.
When a platform ignores local rules, its payment processors are also exposed. That pressure is what makes banks and card networks refund victims when cases are properly documented.
The clone-firm pattern
Throughout 2022, scammers in Singapore copied the names of real, licensed firms — changing one letter in the domain. Victims believed they were dealing with a regulated household name.
Singapore victims should act within hours: under the Shared Responsibility Framework, banks and telcos face duties to intervene, but a fast police report anchors the case.
What to do if you already deposited
Stop sending money, screenshot the platform as it is now (sites vanish fast), and request a written withdrawal attempt — the refusal itself is evidence. Then file with ScamShield and the Singapore Police Force and open a claim through the Shared Responsibility Framework (SRF) duties.
If the platform is unregistered, a specialist review can usually tell you within days whether a tracing or claim route is realistic.
Frequently asked questions
How do I verify a platform is licensed in Singapore?
Search the company name on MAS's official register and compare the exact domain. If it is not listed, it has no permission to serve Singapore clients.
The platform says it is regulated abroad. Does that help?
Rarely. Offshore licences are sold to anyone, and they do not permit soliciting Singapore clients. What matters is local registration and where your funds actually went.
Not sure where your situation fits?
Describe what happened in your own words. We will tell you honestly whether a cryptocurrency trading loss review is the right next step.