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Singapore probes illegal Worldcoin accounts and token sales

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Worldcoin, the cryptocurrency project co-founded by Sam Altman, is facing a formal investigation in Singapore over allegations of money laundering and terrorism financing. The scrutiny comes amid growing concerns about the regulatory and security implications of digital currencies.

The Monetary Authority of Singapore (MAS) has launched an inquiry into Worldcoin’s operations following reports suggesting that the platform may have been involved in illicit financial activities. The investigation will examine whether Worldcoin’s transactions and business practices comply with Singapore’s stringent anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

The investigation was prompted by concerns from financial watchdogs and regulators about the potential misuse of cryptocurrencies for unlawful purposes. Worldcoin, which aims to create a global digital currency distributed to every individual on the planet, has been scrutinized for its handling of large-scale financial transactions and its compliance with regulatory standards.

A spokesperson for the MAS commented, “We are committed to maintaining the integrity of Singapore’s financial system and ensuring that all financial activities adhere to strict legal and regulatory requirements. The investigation into Worldcoin is part of our ongoing efforts to address and prevent potential financial crimes.”

Worldcoin representatives have stated their commitment to cooperating fully with the investigation. The company emphasizes that it has robust compliance measures in place and is dedicated to adhering to all relevant regulations. The firm also highlights its commitment to transparency and legal compliance as it navigates the regulatory landscape.

The probe into Worldcoin highlights the increasing regulatory challenges faced by cryptocurrency projects as they expand globally. Authorities worldwide are intensifying their efforts to combat financial crimes and ensure that digital currencies are not used to facilitate illegal activities.

This investigation is part of a broader trend of regulatory scrutiny facing the cryptocurrency sector, as governments and financial authorities work to balance the innovative potential of digital assets with the need for robust security and compliance measures.

The outcome of the investigation could have significant implications for Worldcoin’s operations and its future in Singapore, as well as for the broader cryptocurrency market. Industry observers will be watching closely to see how the situation develops and what impact it may have on global regulatory practices.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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