- Seven individuals are under investigation by Singaporean authorities for allegedly selling Worldcoin accounts and WLD tokens without proper licenses.
- Neither Worldcoin nor Tools for Humanity is under investigation by the police in Singapore.
Worldcoin has clarified that neither the company nor its parent firm, Tools For Humanity, is under investigation by Singaporean authorities. This statement follows comments made by Gan Kim Yong, Singapore's deputy prime minister and chairman of the Monetary Authority of Singapore (MAS), during a parliamentary session on Sept. 9.
Yong disclosed that local authorities are investigating seven individuals for allegedly selling Worldcoin accounts and WLD tokens without the necessary licenses. However, Tools For Humanity emphasized that these individuals are not affiliated with Worldcoin.
“Neither Worldcoin nor Tools for Humanity are under investigation by police in Singapore,” a spokesperson from Tools for Humanity told The Defiant.
The investigation focuses on potential violations of Singapore’s Payment Services Act. Yong warned that accounts being traded could be used for illicit purposes, including money laundering and terrorism financing. He further noted that Worldcoin itself is not in violation of the Act.
This development follows a police advisory issued in August, warning residents against selling their Worldcoin accounts.
Worldcoin has faced regulatory scrutiny worldwide over its data collection practices. The project, founded by OpenAI CEO Sam Altman, uses iris scans to issue World IDs, which are stored locally and encrypted. Despite privacy concerns, the project has issued 6.62 million World IDs across 160 countries.
In the past 24 hours, the price of WLD has decreased by 1.5%, according to The Defiant’s price feeds.
Edited by Harshajit Sarmah
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