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.

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.”

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.