Singapore’s Blockchain Red Flags (SBRF)

The SBRF is akin to Singapore’s Central Bank MAS’s Investor Alert List, whereas SBRF is focusing on entities that are blockchain firms or claim to be a blockchain firm or having use case utilizing blockchain.

The blockchain firm will be assessed on a few criteria and evidence to prove whether there is indeed a blockchain’s use case. Questions such as the following will be asked:

a) Which blockchain are you using?
b) What consensus are you using?
c) If you are using your own blockchain, how many blockchain nodes are currently deployed?
d) Where is your Blockchain Explorer located at?
e) Is it a public or private blockchain?
f) What is your blockchain use case?
g) Response time or no response to the above questions.


  1. Biggworld (Status: Red Flag) – Entity has not responded to IBS’s questions since 1 Oct 18.
  2. JioJioMe (Status: Red Flag) – Entity has not responded to IBS’s questions since 1 Oct 18.
  3. Success Resources’s Success Life (Status: Pending since 18 Oct 18)
  4. Zuen Chain (Status: Pending since 18 Oct 18)


Pending Verification – Entity is suspected to have no true use case of Blockchain, while IBS is in the process to verify the status.

Red Flag – Entity has no true use case of blockchain or avoided answering questions posed to them, consumers/investors have to do their own due diligence before dealing with the entity.

Companies listed in SBRF can write to to appeal your status for consideration to be removed from the list.

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