Latest news with #StraitsX
New Paper
12-08-2025
- New Paper
Govt official impersonation scams involving cryptocurrency claim at least $2m in Q1
At least $2 million was lost to government official impersonation scams involving cryptocurrency in the first three months of 2025. The police said on Aug 11 that the losses from January to March involved at least 19 reported cases. In this scam variant, victims would receive unsolicited calls from scammers impersonating representatives from banks, insurance companies, payment institutions, airlines or telecommunications companies. The conmen would claim that the victim had conducted banking or financial transactions or had outstanding premiums associated with a new or expiring insurance policy. They may also claim that the victim had phone numbers or other registered personal banking information that were found to have been involved in fraudulent activities. When victims deny involvement in such activities, they would be transferred to another scammer impersonating a government official from the Monetary Authority of Singapore, the Singapore Police Force (SPF), Ministry of Law or the Chinese police, for example. This scammer would accuse the victims of being involved in criminal activities such as money laundering. Scammers would then ask victims to perform cryptocurrency transfers to a "safety account" for alleged investigation purposes. The conmen would instruct victims to download cryptocurrency applications such as Coinbase, OKX or StraitsX, said the police in their statement. The scammers would then ask victims to buy and transfer cryptocurrencies to a cryptocurrency wallet address. In some cases, the scammers would provide victims with specific e-mail addresses and passwords to set up accounts with. Victims would realise they had been scammed only when the conmen become uncontactable or when victims seek verification from SPF. The police urge the public not to transfer or give out valuables such as cryptocurrencies to people they do not know. They added that government officials will not require the public to disclose personal information over phone calls, or ask them to transfer money. Government officials will also not transfer calls to the police or ask the public to install applications from unofficial app stores. For more information on scams, visit
Straits Times
11-08-2025
- Business
- Straits Times
At least $2m lost in S'pore to govt official impersonation scams involving cryptocurrency in Q1
Sign up now: Get ST's newsletters delivered to your inbox The police said that the losses from January to March involved at least 19 reported cases. SINGAPORE – At least $2 million has been lost to government official impersonation scams involving cryptocurrency in the first three months of 2025. The police said on Aug 11 that the losses from January to March involved at least 19 reported cases. In this scam variant, victims would receive unsolicited calls from scammers impersonating representatives from banks, insurance companies, payment institutions, airlines or telecommunications companies. The conmen would claim that the victim had conducted banking or financial transactions or had outstanding premiums associated with a new or expiring insurance policy. They may also claim that the victim had phone numbers or other registered personal banking information that were found to have been involved in fraudulent activities. When victims deny involvement in such activities, they would be transferred to another scammer impersonating a government official from the Monetary Authority of Singapore, the Singapore Police Force (SPF), Ministry of Law or the Chinese police, for example. This scammer would accuse the victims of being involved in criminal activities such as money laundering. Top stories Swipe. Select. Stay informed. World Trump seizes control of Washington police, deploys National Guard Business Lower-wage retail workers to receive up to 6% pay bump from Sept 1 Singapore Keppel to sell M1's telco business to Simba for $1.43b, says deal expected to benefit consumers Singapore ST Explains: Who owns Simba, the company that is buying M1? Singapore Telco price undercutting expected to subside after sale of M1 to Simba: Analysts Singapore ST Explains: What is Vers and which HDB estates could it be rolled out in? Singapore For Vers to work, compensation should account for varied needs of HDB flat owners: Observers Scammers would then ask victims to perform cryptocurrency transfers to a 'safety account' for alleged investigation purposes. The conmen would instruct victims to download cryptocurrency applications such as Coinbase, OKX or StraitsX, said the police in their statement. The scammers would then ask victims to buy and transfer cryptocurrencies to a cryptocurrency wallet address. In some cases, the scammers would provide victims with specific e-mail addresses and passwords to set up accounts with. Victims would realise they had been scammed only when the conmen become uncontactable or when victims seek verification from SPF. The police urge the public not to transfer or give out valuables such as cryptocurrencies to people they do not know. They added that government officials will not require the public to disclose personal information over phone calls, or ask them to transfer money. Government officials will also not transfer calls to the police or ask the public to install applications from unofficial app stores. For more information on scams, visit
Finextra
18-06-2025
- Business
- Finextra
StraitsX unveils institutional-grade infrastructure for fiat-stablecoin settlement
StraitsX, the stablecoin-native settlement layer for global finance, today launched Dedicated Virtual Accounts (DVA/+), a next-generation solution delivering compliant USD banking access and real-time stablecoin connectivity to crypto-native institutions. 0 By providing each client with a unique, named virtual account underpinned by institutional-grade compliance, DVA/+ simplifies reconciliation, enhances operational transparency, and bridges the gap between traditional finance and tokenised settlements. As regulators tighten scrutiny and markets demand more transparency, DVA/+ gives exchanges, wallets, and market makers a critical missing link: direct access to programmable, compliant fiat rails without needing to build or maintain their own banking infrastructure. Through StraitsX's trusted banking partners, eligible clients can now issue named USD virtual accounts with full COBO (Collect on Behalf of) and POBO (Pay on Behalf Of) functionality. These accounts are natively integrated with stablecoins like XUSD, StraitsX's USD-pegged stablecoin, enabling fast, trusted movement between fiat and digital assets across borders and counterparties. Redefining Connectivity for Institutional-Grade Digital Finance As stablecoins become increasingly embedded in real-world value exchange, DVA/+ meets the rising demand for programmable, compliant financial infrastructure. Built for operational scale and regulatory clarity, DVA/+ offers: • Named USD or SGD virtual accounts under each client's entity • Full COBO and POBO functionality for global fiat movement • Integrated stablecoin support via StraitsX's XUSD • Real-time fund visibility and programmable treasury workflows • API-first design for seamless, automated back-end integration Core Components of the DVA/+ Infrastructure • DVA: Named Virtual Accounts (VAs) backed by top-tier banking partners • DVA+: Enhanced Compliance access for Named VAs connected to top-tier banking partners 'DVA/+ is a turning point in how institutions connect to the future of digital finance. With DVA/+, we're removing the barriers that have long separated traditional finance from crypto-natives, and replacing them with trusted, programmable rails that meet the highest standards of compliance and scalability,' said Liu Tianwei, CEO and Co-Founder of StraitsX. 'This is a critical step in our broader mission to enable seamless value movement across currencies, networks, and jurisdictions, for any institution looking to operate at the frontier of regulated digital finance. We invite exchanges, wallet players, fintech platforms, and other crypto-native institutions to explore how DVA/+ can anchor their payment infrastructure and unlock compliant, scalable liquidity across the digital asset ecosystem.' From Stablecoin Issuer to Strategic Infrastructure Partner The launch of DVA/+ marks the first milestone under StraitsX's refreshed brand identity, underscoring its evolution from a single-product stablecoin issuer to a full-stack infrastructure provider for regulated digital finance. This new identity signals a broader commitment to building trusted, compliant systems that power real-world financial use cases at scale. DVA/+ exemplifies this direction as it equips institutions with the infrastructure needed to bridge fiat and stablecoins and operate with greater speed, security, and regulatory clarity. As the digital asset economy matures, institutions are under pressure to streamline operations while meeting higher regulatory expectations. DVA/+ addresses this challenge by enabling exchanges, wallets, and market participants to access fiat and stablecoin rails without the complexity of maintaining their own banking stack. By automating settlement flows and embedding compliance into the infrastructure layer, DVA/+ helps institutions unlock faster time-to-market, more efficient treasury operations, and a higher standard of operational resilience.
The Star
12-06-2025
- The Star
Probe into 49 for suspected money laundering involving crypto accounts, over US$156,000 seized
SINGAPORE: The police are investigating 49 people for suspected money laundering activities involving the use of cryptocurrency accounts. The suspects – 35 men and 14 women – are aged between 18 and 58, the police said on June 12. They were nabbed during an islandwide operation carried out between May 13 and 30 by officers from the police's Anti-Scam Command, who worked alongside digital payments firm StraitsX. More than $200,000 (US$156,006) was seized as a result. Early investigations showed that the suspects allegedly opened and gave up their cryptocurrency accounts or Singpass credentials in exchange for cash, which ranged from $400 to $3,000. Making use of messaging platforms such as Telegram or WhatsApp, unknown parties had made contact with the suspects, guiding them through the process. Part of the instructions they received included providing screenshots, personal details, as well as access to their cryptocurrency or Singpass accounts, which were then used to facilitate the laundering of scam proceeds. The police said the collaboration with StraitsX had 'enhanced capabilities to detect suspicious financial activities', which led to the suspects being identified. They also stressed that they take a strong stance against people who may be involved in money laundering activities, and will not hesitate to take action. In order to avoid being implicated in such crimes, the police advised people to always reject requests by others to make use of their bank or cryptocurrency accounts. Caution should also be exercised if 'seemingly attractive money-making opportunities promising fast and easy pay-outs for the use of their bank or cryptocurrency accounts' are presented. 'Anyone who allows their personal bank accounts or cryptocurrency accounts to be used to receive and transfer money or cryptocurrency for others will be held accountable if these transactions are linked to crimes,' said the police. Those convicted of assisting another person to retain the benefits from criminal conduct can be fined up to $50,000, jailed for up to three years, or both. - The Straits Times/ANN
Malay Mail
12-06-2025
- Malay Mail
Cops: 49 probed, S$200,000 seized in Singapore-wide bust over crypto-linked laundering
SINGAPORE, June 12 — Singapore police are investigating 49 individuals suspected of being involved in money laundering activities using cryptocurrency accounts, following a recent island-wide crackdown. According to The Straits Times, the group, made up of 35 men and 14 women aged between 18 and 58, was rounded up during a series of operations conducted between May 13 and 30 by the Anti-Scam Command. Officers were supported by digital payments platform StraitsX, which helped flag suspicious activity. Over S$200,000 (RM660,000) has been seized so far. Preliminary findings suggest the suspects may have sold access to their cryptocurrency accounts or Singpass credentials for payments ranging from S$400 to S$3,000. Contact was often initiated via messaging apps such as Telegram or WhatsApp, through which unknown parties instructed them on how to proceed. These instructions reportedly included submitting screenshots, personal details, and login access, which were then exploited to channel proceeds from scams. In a statement today, police said their partnership with StraitsX 'enhanced capabilities to detect suspicious financial activities', ultimately leading to the identification of those under investigation. Authorities reiterated their zero-tolerance approach to money laundering. 'Anyone who allows their personal bank accounts or cryptocurrency accounts to be used to receive and transfer money or cryptocurrency for others will be held accountable if these transactions are linked to crimes,' police warned. They urged the public to be wary of offers that promise fast, easy money in exchange for the use of personal accounts and to reject such requests outright. Under Singapore law, those found guilty of helping someone retain benefits from criminal conduct can face up to three years in jail, a fine of up to S$50,000, or both.
