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Worldcoin Faces Further Scrutiny in Singapore: Data Violations and Financial Crimes

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by Giorgi Kostiuk

a year ago

  1. Investigation in Singapore
  2. Accusations and Suspicions
  3. Previous Allegations


    4. Since its launch, the cryptocurrency Worldcoin has been the focus of investigations due to accusations of violating national data protection laws. Now, new allegations have brought Worldcoin under the scrutiny of Singaporean regulators.

    Investigation in Singapore

    Worldcoin is facing an investigation in Singapore for its alleged involvement in money laundering and terrorism financing. Deputy Prime Minister of Singapore and Chairman of the Monetary Authority of Singapore (MAS), Gan Kim Yong, stated that they have launched an investigation into a group of individuals who are offering to sell and buy Worldcoin accounts and tokens to third parties.

    Accusations and Suspicions

    According to information received from MAS, Worldcoin does not provide a payment service within the scope of the Payment Services Act. However, individuals who purchase or sell Worldcoin accounts and tokens as a business may be providing a payment service. At this point, illegally sold Worldcoin accounts and tokens may be misused in criminal activities such as money laundering and terrorist financing.

    According to information received from MAS, Worldcoin does not provide a payment service within the scope of the Payment Services Act... However, individuals who purchase or sell Worldcoin accounts and tokens as a business may be providing a payment service.Gan Kim Yong

    Previous Allegations

    Previously, Worldcoin had faced allegations of violating personal data protection regulations in Colombia.

    The investigation in Singapore confirms the ongoing issues Worldcoin faces with regulatory compliance. We will continue to monitor developments surrounding this project.

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