Singaporean police are investigating seven individuals suspected of selling Worldcoin accounts and providing token trading services. This involves a potential breach of the Payment Services Act, reported Deputy Prime Minister Heng Swee Keat.
According to the MAS, Worldcoin itself is not classified as a payment service, but those trading accounts and tokens of the project might be offering such a service. This requires obtaining a license for further operations.
Heng Swee Keat warned users against giving access to their tokens or World ID identifiers, as these accounts could be exploited by third parties.
In August, Singaporean police arrested five individuals suspected of buying or selling Worldcoin accounts and tokens.
Preliminary data suggests that three of them recruited people on behalf of various organizations to create accounts on the platform for a reward. The accounts were then transferred to two other individuals involved.
During the operation, police seized over 200 mobile phones. If found guilty, the suspects face fines of up to $125,000 or imprisonment for up to three years.
The investigation is ongoing.
Worldcoin is working on creating a global digital identification and financial network. The protocol verifies a user’s identity through iris scanning.
Regulators in many countries have expressed concerns over such biometric data collection. Authorities in France, the United Kingdom, Hong Kong, Colombia, Argentina, and others have launched investigations into potential privacy violations of citizens.