Four foreign nationals have been arrested, partly for providing digital payment token services in Singapore without a license.
Four foreigners were charged in a court in Singapore for engaging in a conspiracy to cheat that involved more than S$1.8 million ($1.3 million) and providing crypto services without a licence in the city-state, according to a «Business Times» report.
The four men, who were between 40 and 60 years old, were Dutch national Yang Bin and Chinese nationals Lu Huangbin, Wang Xinghong and Chen Wei.
A&A Blockchain
All four individuals were executives in A&A Blockchain Technology Innovation, a firm that was probed last year over possible offences of cheating. At the time, A&A Blockchain’s chairman was Yang, alongside Lu as CEO, Wang as chief technology officer and Chen as a director.
The firm offered a crypto mining investment scheme that promised investors a fixed daily return of 0.5 percent between May 2021 and February 2022.
The four allegedly induced 12 persons into investing with A&A by falsely representing ownership of a large number of crypto mining machines. The firm also operated a crypto exchange that purportedly offered trading of several tokens without having the required license issued by the Monetary Authority of Singapore.
