Singapore Police Probe 49 Suspects in Crypto-Linked Money Laundering Case

Singapore police are investigating 49 individuals for suspected involvement in money laundering schemes tied to crypto accounts, the police announced on June 12.

Key Takeaways:

• Singapore police are investigating 49 individuals accused of selling crypto account access for cash via messaging apps.
• The suspects allegedly enabled laundering of scam proceeds by handing over login credentials and personal data.
• Authorities warn that aiding such schemes can lead to prosecution, with penalties including jail time and heavy fines.

The suspects, 35 men and 14 women aged between 18 and 58, were detained during an islandwide operation conducted between May 13 and 30, according to a report by the Straits Times.

The operation was led by the Anti-Scam Command, in collaboration with digital payments firm StraitsX. Over $200,000 in assets was seized.

Preliminary findings suggest that the individuals were contacted via messaging platforms such as Telegram and WhatsApp, where they were allegedly offered cash payments ranging from $400 to $3,000 in exchange for access to their crypto accounts or Singpass credentials.

In some cases, they were guided through the process step-by-step, including sharing personal details, screenshots, and login credentials.

These accounts were then reportedly used to facilitate the laundering of proceeds from online scams.

Authorities emphasized that handing over control of such accounts could result in serious legal consequences.

According to the police, cooperation with StraitsX significantly enhanced their ability to detect suspicious financial activity, allowing them to identify the suspects.

Law enforcement officials reiterated their zero-tolerance policy for money laundering and warned that anyone found aiding such activities would face prosecution.

The police urged the public to be vigilant and to reject any request to share banking or cryptocurrency accounts.

They cautioned against offers that promise fast earnings in return for account access, noting that such schemes are often linked to criminal activity.

Those convicted of assisting in the retention of criminal proceeds face penalties of up to three years in jail, a fine of up to $50,000, or both.

Bitget and Bybit to Scale Back Singapore Operations

As reported, Bitget and Bybit are preparing to reduce their presence in Singapore after the country’s central bank issued a final directive requiring unlicensed crypto firms to halt overseas operations.

Both exchanges have been operating without a full license and now face a June 30 deadline imposed by the Monetary Authority of Singapore (MAS).

Singapore — MAS — Regulations

"MAS now mandates that any Singapore-based or incorporated entity offering digital token services to overseas clients must secure a DTSP license. The move closes a long-standing regulatory loophole and brings Singapore closer in line with… https://t.co/4Cg5OnwBrN pic.twitter.com/mEAOZ9LbrB

The regulator last week mandated that all digital token service providers not yet approved under the Payment Services Act must stop serving international clients—regardless of their licensing status.

The MAS order targets firms with offshore clientele or front-office teams based in Singapore and leaves little room for exceptions.

Bitget has already begun relocating staff to crypto-friendly jurisdictions like Dubai and Hong Kong, where regulatory frameworks are more accommodating.

Bybit is also reportedly considering similar moves but has not officially announced its relocation strategy.

Dubai and Hong Kong have emerged as leading alternatives for digital asset firms amid rising regulatory pressure in other markets.

Dubai’s Virtual Asset Regulatory Authority has issued licenses to over 20 firms, including Binance and Bybit, offering tax benefits and legal clarity.

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