• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

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

user avatar

by Giorgi Kostiuk

2 years 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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Tether Launches Self-Custodial Digital Wallet TetherWallet

chest

Tether has launched a self-custodial digital wallet called TetherWallet, supporting USDT, USAT, Bitcoin, and XAUT, aimed at enhancing accessibility for mainstream users.

user avatarAndrew Smith

Senators Near Compromise on Stablecoin Yield Issue

chest

Senators negotiating the stablecoin yield issue are making progress, with a draft compromise expected to be released later this week.

user avatarJacob Williams

Bitcoin Surges Past $75,000 Mark Amid Rising Short Liquidations

chest

Bitcoin's price has risen to over $75,000, marking its highest level since early February, driven by significant short liquidations.

user avatarZainab Kamara

Ethereum and Other Cryptos Also Experience Significant Gains

chest

Ethereum and other major cryptocurrencies have seen substantial price increases, contributing to the overall positive sentiment in the crypto market.

user avatarSon Min-ho

Evernorth Collaborates to Introduce Native XRP Lending

chest

Evernorth is collaborating with XRPL developers to introduce native XRP lending through the proposed XLS66 amendment, unlocking up to 100 billion in idle XRP capital for holders.

user avatarAyman Ben Youssef

NHN KCP and Avalanche Join Forces to Create a New Payment-Focused Blockchain

chest

NHN KCP partners with Avalanche to create a new Layer 1 blockchain focused on real-world payments.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.