Singapore’s police department has revealed a mammoth bust involving a potential money laundering case valued at approximately $735 million, a significant portion of which encompasses cryptocurrencies. This latest bust comes amid financial hubs across the globe racing to regulate the burgeoning crypto sector.
Deep Dive Into The Crackdown
While crypto has been lauded for its potential in reshaping the financial landscape, its pseudonymous nature has also led to increasing concerns about its potential misuse.
Related Reading: Surge In Crypto Demand Powers Sygnum’s Singapore Brokerage Expansion
On Tuesday, the Singaporean police arrested 10 foreign nationals, predominantly holding Chinese passports, under grave suspicions of involvement in an intricate web of money laundering. The individuals also face charges related to forgery and resisting lawful arrest.
In terms of assets, the operation was vast in its scope. Authorities managed to seize 94 properties and 50 vehicles, cumulatively
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