Singapore Investigates Worldcoin Misuse Amid Concerns Over Money Laundering
🚀 Stay Ahead with AltcoinDaily.co! 🌐 Singapore has reportedly launched an investigation into the misuse of Worldcoin, the controversial cryptocurrency project known for its identity-capturing technology. On...
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Singapore has reportedly launched an investigation into the misuse of Worldcoin, the controversial cryptocurrency project known for its identity-capturing technology.
On September 9, Deputy Prime Minister Gan Kim Yong, who also serves as chairman of the Monetary Authority of Singapore (MAS), confirmed that authorities are examining the third-party sales and purchases of Worldcoin accounts and tokens, raising concerns about money laundering and terrorism financing.
During a parliamentary session, Yong disclosed that seven individuals are currently under investigation for offering Worldcoin-related services without the necessary licenses, an offense under Singapore’s Payment Services Act of 2019.
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Concerns Over Worldcoin’s Data Collection
Worldcoin has been under the spotlight for some time, with global regulators raising red flags about its methods of collecting biometric data. In particular, its iris scans, which are integral to its identity-verification system, are under major scrutiny.
In 2023, a number of countries, including India, South Korea, Kenya, Germany, and Brazil, initiated investigations into the company’s practices, halting iris data collection in those regions.
European authorities have also expressed concerns that Worldcoin’s operations may violate the General Data Protection Regulation (GDPR). Spain was the first to take formal action, banning Worldcoin’s biometric data collection in March 2023.
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Singapore’s Crackdown
In December 2023, following suspensions in several countries such as India, Brazil, and France, Worldcoin launched its “orb verification” function in Singapore. However, this expansion did not come without complications.
In August 2024, Singaporean police issued a public advisory warning individuals not to sell or give away their Worldcoin accounts. Speaking on this issue during the parliamentary session, Gan Kim Yong warned, “Consumers should beware of inducements to transfer access of their digital payment token wallet or World ID as these accounts could be misused by third parties.”
Additional Allegations Against Worldcoin
On-chain investigator ZachXBT recently accused the Worldcoin team of profiting from an upcoming token unlock event. According to his research, those with inside knowledge were in a position to exploit this event for substantial financial gain. These allegations have cast further doubt on the project’s transparency and intentions.
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