33-Year-Old Singaporean Man Charged for Providing Unlicensed Money Transfer Services

On December 3, the Singapore Police Force (SPF) announced charges against a 33-year-old man for allegedly providing cross-border money transfer services without a license.

According to the statement by the SPF, the man previously worked for a local company that was deregistered by the Accounting and Corporate Regulatory Authority (ACRA) in March 2024.

Preliminary investigations revealed the man traded cryptocurrencies like USDT and promoted his services on platforms including Binance and Huobi. Interested buyers transferred fiat currency to a Wise business account.

Allegedly, the man opened an account on the international money transfer and foreign exchange service platform Wise under the name of his former employer, citing "overseas remittances" as the purpose.

Between May 10 and June 17, 2022, this corporate account received around £1.4 million from multiple overseas accounts. The funds were subsequently transferred to the man's personal bank account. To purchase USDT held by other sellers, he then transferred the funds to several local bank accounts.

Although the defendant never attempted to verify the funds' origins, police confirmed £75,050 was criminal proceeds belonging to two victims of an impersonation scam in Germany.

Police noted that individuals providing unlicensed payment services in Singapore face penalties of up to $125,000, imprisonment for up to three years, or both.

BrokersView reminds you

Exercise extreme caution when receiving information or instructions related to cryptocurrency. Due to the anonymous nature of cryptocurrency, victims of scams not only suffer losses but also face significant difficulties in recovering their funds.

If you have also fallen victim to a crypto scam, you can report it through BrokersView to help protect other investors from falling into the same trap.