Singapore Police and StraitsX Crack Down on Crypto Money Laundering Involving Over 200,000 SGD in Bitcoin Accounts

The Singapore Police Force, in partnership with the cryptocurrency exchange StraitsX, executed a targeted enforcement campaign from June 13 to June 30 aimed at disrupting money laundering schemes involving digital assets. This operation led to the confiscation of more than 200,000 SGD and placed 49 suspects under formal investigation, comprising 35 males and 14 females aged 18 to 58. Authorities revealed that these individuals allegedly facilitated illicit transactions by opening and transferring cryptocurrency and Singpass accounts in exchange for payments between 400 SGD and 3,000 SGD. Communication channels such as Telegram and WhatsApp were reportedly used to coordinate these activities, with suspects providing sensitive account information under direction. The collaboration with StraitsX significantly bolstered law enforcement’s ability to detect and trace suspicious transactions, leveraging advanced technology to enhance the integrity of Singapore’s financial ecosystem and combat crypto-related financial crime effectively.