Worldcoin traders under investigation in Singapore

Authorities in Singapore are investigating a group of traders allegedly involved in illicit transactions related to Worldcoin (CRYPTO:WLD). 

The crypto project, which has been controversial due to its data collection practices, is now facing heightened scrutiny for potential violations of financial laws. 

Deputy Prime Minister Gan Kim Yong announced that the Singapore Police are focusing on possible money laundering and terrorism financing linked to Worldcoin accounts and tokens. 

The investigation targets seven individuals suspected of breaching the Payment Services Act 2019, a law that regulates payment services to prevent criminal misuse. 

While Worldcoin itself is not classified as a payment service, those who trade its accounts or tokens must comply with the law. 

The Monetary Authority of Singapore (MAS) has also issued a warning, advising the public to be cautious when transferring ownership of Worldcoin accounts. 

“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. We caution consumers against doing so,” said Deputy Prime Minister Yong. 

The Personal Data Protection Commission (PDPC) further emphasizes safeguarding personal data, including biometric information collected by Worldcoin. 

Globally, Worldcoin is under regulatory scrutiny, with investigations in countries like Mexico, Chile, Colombia, Ecuador, and Argentina over potential privacy violations. 

These concerns have contributed to a nearly 80% decline in Worldcoin’s market value since March 2024, reflecting broader challenges in the crypto markets. 

Despite these controversies, Worldcoin’s leadership remains focused on growth. 

Speaking at Korea Blockchain Week, Tools for Humanity CEO Alex Blania compared Worldcoin's ambitions to Facebook’s global reach. 

Blania also highlighted the upcoming launch of an updated Orb device, aimed at improving the security and efficiency of the digital IDs issued by Worldcoin. 

So far, over 6.5 million World IDs have been verified in more than 160 countries, showcasing the project’s extensive reach despite ongoing concerns. 

At the time of reporting, the Worldcoin (WLD) price was $1.47.