Singapore Launches Investigation into Illegal Trading of Worldcoin

On September 9, Singapore's Deputy Prime Minister Gan Kim Yong announced that an investigation is underway into seven individuals suspected of illegal trading of Worldcoin accounts and tokens.

As the Chairman of the Monetary Authority of Singapore (MAS), Yong stated that the police are investigating these individuals on suspicion of involvement in buying or selling Worldcoin accounts and tokens, which is in violation of the Payment Services Act of 2019.

He clarified that MAS does not recognize Worldcoin as a legitimate payment service under the Payment Services Act.

Yong emphasized that trading Worldcoin accounts and tokens as a business could involve payment services and may be illegal, potentially facilitating activities such as money laundering and terrorism financing.

Yong warned:

Users should be cautious about transferring access to their digital payment token wallets or World ID, as these accounts could be misused by third parties.