{"id":92745,"date":"2024-09-10T04:58:20","date_gmt":"2024-09-10T08:58:20","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=92745"},"modified":"2024-09-10T04:58:27","modified_gmt":"2024-09-10T08:58:27","slug":"singapore-investigate-illegal-worldcoin-account","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/singapore-investigate-illegal-worldcoin-account\/","title":{"rendered":"Singapore Investigates Illegal Worldcoin Accounts, Token Sales"},"content":{"rendered":"\n

Unauthorized Worldcoin accounts are under investigation in Singapore for money laundering and terrorism financing<\/a>.<\/p>\n\n\n\n

\"Singapore
Singapore Investigates Illegal Worldcoin Accounts, Token Sales<\/figcaption><\/figure>\n\n\n\n

Gan Kim Yong, the chairman of the Monetary Authority of Singapore (MAS) and the deputy prime minister of Singapore, disclosed an ongoing investigation into a group of individuals who provide third-party sales and acquisitions of Worldcoin accounts and tokens on September 9.<\/p>\n\n\n\n

In a Parliamentary discussion, Yong disclosed that seven individuals were currently under police investigation for providing Worldcoin-related services without licenses, a violation of the Payment Services Act 2019.<\/p>\n\n\n\n

\n

\u201cBased on information provided to MAS, Worldcoin does not perform a payment service under the PS Act. However, persons who buy or sell Worldcoin accounts and tokens as a business may be providing a payment service.\u201d<\/p>\n<\/blockquote>\n\n\n\n

He elaborated that the Worldcoin accounts and unlawfully sold tokens can be exploited for criminal activities, including money laundering and terrorism financing.<\/p>\n\n\n\n

Worldcoin's data acquisition practices face global regulatory scrutiny<\/h2>\n\n\n\n

The iris biometric data acquisition system of Worldcoin was the subject of scrutiny by major regulators worldwide. In 2023, regulators in India, South Korea, Kenya, Germany, and Brazil suspended iris collections and conducted investigations into the company's data collection practices.<\/p>\n\n\n\n

Furthermore, European regulators identified potential GDPR violations. Spain was the first country to prohibit the acquisition of biometric data by Worldcoin<\/a> on March 18. Despite the obstacles, Worldcoin pursued an aggressive expansion strategy, accumulating over 10 million users as of April 16.<\/p>\n\n\n\n

Crackdown on the unauthorized trade of Worldcoin accounts in Singapore<\/h2>\n\n\n\n

Yong stated at the Parliamentary meeting that the Singapore police advised the general public to refrain from “giving away or selling their Worldcoin accounts” on August 7. When discussing the acquisition of personal data by Worldcoin, he further stated:<\/p>\n\n\n\n

\n

\u201cConsumers should beware of inducements to transfer access of their digital payment token wallet\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> or World ID as these accounts could be misused by third parties. We caution consumers against doing so.\u201d<\/p>\n<\/blockquote>\n\n\n\n

He also observed that organizations that manage sensitive personal information, such as biometric data, must comply with Singapore's data protection and security protocols to prevent illicit activities associated with this information.<\/p>\n","protected":false},"excerpt":{"rendered":"

Unauthorized Worldcoin accounts are under investigation in Singapore for money laundering and terrorism financing. Gan Kim Yong, the chairman of the Monetary Authority of Singapore (MAS) and the deputy prime minister of Singapore, disclosed an ongoing investigation into a group of individuals who provide third-party sales and acquisitions of Worldcoin accounts and tokens on September […]<\/p>\n","protected":false},"author":12,"featured_media":82707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[932,1437,931,5185],"class_list":["post-92745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-mas","tag-money-laundering","tag-singapore","tag-worldcoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/croc_1719427966942.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=92745"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82707"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=92745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=92745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=92745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}