Singapore Investigates Worldcoin Trading Amid Global Scrutiny
Singaporean authorities are investigating a group involved in trading Worldcoin (WLD) accounts and tokens, amid global scrutiny of the crypto project's data practices.
The probe, announced by Deputy Prime Minister Gan Kim Yong, targets seven individuals for suspected money laundering and terrorism financing under the Payment Services Act 2019, which regulates payment services to prevent misuse.
The Monetary Authority of Singapore (MAS) has cautioned the public against transferring Worldcoin account ownership, as it could facilitate illicit activities. The Personal Data Protection Commission (PDPC) emphasizes safeguarding personal and biometric data collected by Worldcoin.
READ MORE: Central Bank of Russia Launches Crypto Payments System to Bypass Sanctions
Internationally, Worldcoin faces regulatory challenges, with investigations in Mexico and concerns in several Latin American countries about privacy breaches.
Despite a significant market value drop of nearly 80% since March 2024, Worldcoin’s CEO Alex Blania remains optimistic, highlighting upcoming technology improvements and the project’s global footprint of over 6.5 million verified World IDs.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
