Worldcoin Faces Singapore Probe as Deputy Prime Minister Announces Investigation Into Illicit Trade of Accounts and Tokens

Singapore’s Deputy Prime Minister and chair of the Monetary Authority of Singapore (MAS), Gan Kim Yong, announced an investigation into seven individuals on suspicions of illicit trade in Worldcoin accounts and tokens.

Singapore’s Deputy Prime Minister and chair of the Monetary Authority of Singapore (MAS), Gan Kim Yong, has announced an investigation into seven individuals suspected of illicit trade in Worldcoin accounts and tokens.

The announcement, made on September 9, highlighted that the individuals are suspected of buying and selling these accounts and tokens, which may be in violation of the Payment Services Act (PS Act) of 2019.

Yong stated that MAS does not recognize Worldcoin as an authorized payment service under the provisions of the PS Act. He added that trading WLD accounts and tokens could potentially qualify as operating a payment service, which may be illegal and could facilitate crimes like money laundering and terrorism financing.

The Deputy Prime Minister also issued a warning to consumers, urging them to be wary of offers that could lead to the unauthorized use of their digital payment token wallets or World IDs, which could be used by others to commit offenses. He strongly advised against transferring access to these accounts.

Despite these challenges, the coin maintains that it complies with both local and international regulations. The company has taken steps to enhance transparency and protect user data by making key elements of its technology open-source.

Worldcoin co-founder Alex Blania has set ambitious goals for the platform, aiming to expand its reach to a level comparable to Facebook, which he believes will enhance its utility. According to the project’s website, the AI cryptocurrency has already amassed over 6 million registered users across more than 160 countries.

The value of WLD price has seen a recent uptick, rising over 4% in the last 24 hours, with its trading price standing at $1.66 at the latest update.

Prior to Singapore’s scrutiny, the coin has introduced new privacy features in response to increasing regulatory oversight, aiming to enhance user empowerment and network integrity. At the heart of these updates is the introduction of “Personal Custody” and a new “Unverify World ID” option.

Utilizing state-of-the-art Zero-Knowledge Proofs (ZKPs), this innovative feature allows for transaction verification without exposing sensitive information such as transaction amounts or participant identities. The integration of ZKPs guarantees secure and private transactions, protecting users’ financial privacy against external observation.

Moreover, World ID holders are now given the option to permanently erase their iris code, which deactivates their World ID. This deletion initiates a mandatory six-month “cool-off” period designed to reduce fraud risks. After this period, the user’s iris code is irreversibly removed, enhancing privacy protections further. Worldcoin has also implemented on-site age verification to ensure that only individuals aged 18 and above can access the platform. These robust privacy enhancements not only mark a major development for the cryptocurrency but also highlight its commitment to prioritizing user-centric innovation.

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