Singapore Police Uncover Widespread Crypto Laundering Network Involving 49 Suspects

Active investigation by Singapore police for 49 individuals suspected of involvement in a sophisticated money laundering network linked to cryptocurrency accounts, are ongoing, according to a 12 June announcement.

The suspects—35 men and 14 women, aged between 18 and 58—were apprehended during a coordinated islandwide operation carried out from 13 to 30 May.

The enforcement effort, spearheaded by the Anti-Scam Command and supported by digital payments firm StraitsX, resulted in the seizure of more than $200,000 in assets.

Preliminary investigations reveal that the suspects were allegedly recruited via encrypted messaging platforms such as Telegram and WhatsApp.

They were reportedly promised cash incentives ranging from $400 to $3,000 in exchange for granting access to their cryptocurrency wallets or Singpass accounts.

In several instances, scammers provided step-by-step instructions, asking for personal details, login credentials, and screenshots to complete the handover.

These compromised accounts were then used to launder illicit proceeds from online scams.

Authorities underscored that relinquishing control of financial accounts—whether bank or crypto—could result in severe legal consequences.

Collaboration with StraitsX was instrumental in uncovering unusual transaction patterns, which enabled investigators to swiftly identify and trace those involved.

Reaffirming a zero-tolerance stance on financial crime, the police warned that anyone found complicit in money laundering activities would be prosecuted to the full extent of the law.

They also urged the public to remain vigilant and to reject any offers promising quick profits in exchange for account access—stressing that such proposals are frequently fronts for criminal operations.

Individuals convicted of facilitating the retention of criminal proceeds may face up to three years’ imprisonment, a fine of up to $50,000, or both.

Bitget and Bybit Trim Their Singapore Footprint

Bitget and Bybit are preparing to scale back their operations in Singapore following a directive from the Monetary Authority of Singapore (MAS) aimed at tightening oversight of unlicensed crypto activity.

The MAS has issued a final notice requiring digital asset service providers operating without a full license to cease serving overseas customers by 30 June.

The order applies broadly—regardless of a firm's licensing status—and targets entities with offshore clients or key personnel based in Singapore.

Bitget has already begun relocating staff to more crypto-friendly jurisdictions such as Dubai and Hong Kong, where regulatory frameworks are clearer and more supportive.

Bybit is reportedly exploring similar options, though it has yet to confirm its relocation plans.

As regulatory scrutiny intensifies in traditional financial hubs, Dubai and Hong Kong have positioned themselves as attractive alternatives, with Dubai’s Virtual Asset Regulatory Authority already licensing over 20 crypto firms, including Binance and Bybit, and offering incentives like tax breaks and legal certainty.