Singapore Investigates Services for Buying and Selling Worldcoin Accounts

The island nation of Singapore is launching an investigation into providers of services for buying and selling Worldcoin accounts for profit.

Singapore Investigates Services For Buying And Selling Worldcoin Accounts

Singapore has launched an investigation into seven individuals suspected of providing services related to the buying and selling of Worldcoin accounts. This information was announced by Deputy Prime Minister Gan Kim Yong last Monday.

Deputy Prime Minister Kim Yong explained that, according to data from the Monetary Authority of Singapore, Worldcoin is not classified as a payment service under the 2019 Payment Services Act (PSA). However, individuals participating in the buying and selling of Worldcoin accounts may be offering an unauthorized payment service.

Last month, Singaporean police arrested five individuals suspected of trading Worldcoin accounts and tokens. The initial investigation revealed that three men sought Worldcoin account creators to undergo iris scans in exchange for WLD tokens and then purchased those accounts. The other two individuals were allegedly involved in purchasing and managing the transfer of these assets. Police seized over 200 mobile phones as evidence.

World ID

Worldcoin, a project led by Sam Altman, Max Novendstern, and Alex Blania, aims to build a global digital identity and financial network. The project focuses on distinguishing humans from AI online by using iris scans through an Orb device to create a secure and private “World ID.”

Related: What is Worldcoin? Information about WLD Token

Although Worldcoin utilizes zero-knowledge proofs to ensure anonymity, its collection of biometric data has raised global privacy concerns. Regulatory authorities in France, the UK, and Hong Kong are investigating potential privacy violations. Similar investigations have also begun in Colombia and Argentina, highlighting the tension between technological advancement and privacy rights. Most recently, Spain has also suspended Worldcoin’s operations in the country.

(1 vote)

1.0/5

(1 vote)

Latest

Bnb Sets New All Time High After Surging 21% In A Week

News | Altcoin | Editor Choice

BNB Sets New All-Time High After Surging 21% in a Week

After surging 21% in just a week, BNB has soared to a new all-time high, capturing the spotlight as the cryptocurrency market rallies.

Crypto Whales Intensify Activity In Uptober As Market Cap Surpasses $4 Trillion

News | Altcoin | Editor Choice

Crypto Whales Intensify Activity in Uptober as Market Cap Surpasses $4 Trillion

The global cryptocurrency market kicked off “Uptober” with renewed enthusiasm as total capitalization surpassed $4 trillion, while whale activity surged — hinting at strategic moves across Bitcoin, Ethereum, and key altcoins amid growing market volatility.

Bitcoin Hits A New Ath As Profit Margins Continue To Shrink

News | Bitcoin | Editor Choice

Bitcoin Hits a New ATH as Profit Margins Continue to Shrink

Although Bitcoin (BTC) continues to set new price records after every halving, historical data shows that the world’s largest cryptocurrency is experiencing diminishing returns with each new cycle.

Cz Says He Was Threatened To Pay $4.4 Billion

News | Editor Choice | Policy & Regulations

CZ Says He Was Threatened to Pay $4.4 Billion

CZ, the founder of Binance, has shaken the crypto world by claiming he was threatened to pay $4.4 billion to avoid false accusations that his exchange financed terrorism.

Binance Hits Record Altcoin Trading Volume As Altseason Heats Up

News | Altcoin | Editor Choice

Binance Hits Record Altcoin Trading Volume as “Altseason” Heats Up

Binance has set a historic record as altcoins captured 82.3% of total trading volume, signaling a new “altseason” fueled by surging institutional inflows and investor demand for non-Bitcoin tokens.

Screenshot 2025 09 10 100533