Authorities investigate seven individuals for trading Worldcoin accounts, raising alarms over potential misuse for illegal activities and breaches of the Payment Services Act.
Singapore police are currently investigating seven individuals for allegedly trading Worldcoin accounts. The authorities have raised concerns about the potential misuse of these accounts for illegal activities, such as money laundering. This investigation is part of a broader scrutiny of Worldcoin's practices, particularly regarding the handling of biometric data.
The investigation follows concerns over breaches of the Payment Services Act 2019. According to this law, certain financial activities, including the trading of digital assets, are regulated to prevent misuse and ensure consumer protection. Authorities have issued a public advisory warning against the sale or transfer of Worldcoin accounts, highlighting the risk of these accounts being used for criminal activities.
In their advisory, the authorities cautioned the public about the dangers of selling or parting with their Worldcoin accounts. They emphasized that such actions could lead to the accounts being used for illegal purposes, which could have serious legal consequences for the original account holders. This advisory aims to protect individuals from inadvertently becoming involved in criminal activities.
This investigation is part of a larger scrutiny of Worldcoin's operations. Concerns have been raised about how the company handles biometric data, leading to operational suspensions in several countries. Regulatory and privacy issues are at the forefront of these concerns, prompting authorities to take a closer look at Worldcoin's practices.
