Worldcoin Faces Singapore Probe Over Illicit Account Sales
Highlights
- Singapore investigates illegal Worldcoin trade.
- Global scrutiny intensifies on Worldcoin's privacy practices.
- Worldcoin enhances privacy with new features.
Singapore’s Deputy Prime Minister and chair of the Monetary Authority of Singapore (MAS), Gan Kim Yong, announced an investigation into seven individuals on suspicions of illicit trade in Worldcoin accounts and tokens.
The announcement came on September 9, stating that the individuals are suspected of buying and selling these accounts and tokens, actions that could violate the Payment Services Act of 2019.
Worldcoin Faces Singapore Probe
Yong emphasized that the MAS does not consider Worldcoin a certified payment service according to the provisions of the PS Act. He further explained that trading WLD accounts and tokens could potentially qualify as operating a payment service, which might be unlawful and could facilitate crimes such as money laundering and terrorism financing.
Yong also issued a warning to consumers, advising them to be vigilant about offers that could lead to the unauthorized use of their digital payment token wallets or World IDs, as these could be exploited by others. He strongly cautioned against transferring access to these accounts.
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