Singapore Sanctions Chen Zhi, Seizes S$165M Bitcoin Assets
On October 30, Singapore police invoked Singapore sanctions to restrain assets linked to Chen Zhi, founder of Prince Group. They seized over S$165 million in bank deposits, real estate, securities, a yacht, 11 vehicles and luxury collectibles. This asset seizure marks a significant step in the global effort to disrupt cryptocurrency scams.
The operation aligns with coordinated US and UK sanctions that have already targeted Chen Zhi’s network and led the US Treasury to confiscate more than US$15 billion in assets, including Bitcoin holdings and London real estate.
These Singapore sanctions strengthen regional anti-money laundering measures and block illicit fund flows.
Crypto traders should monitor these developments closely. Heightened regulatory enforcement can affect market liquidity and sentiment, especially for Bitcoin and other digital assets.
Bearish
The seizure of S$165 million in Bitcoin assets under Singapore sanctions, aligned with US and UK actions, heightens regulatory scrutiny and signals tougher global enforcement. In the short term, this intensifies market uncertainty and may pressure Bitcoin liquidity and price as traders react to compliance risks. Over the longer term, clearer regulations could support legitimacy, but immediate trader sentiment is likely dampened by fears of further asset freezes and stricter AML controls, making the overall impact bearish for Bitcoin.