Non Cult Crypto News

Non Cult Crypto News

in

South Korea fines Worldcoin for violating personal protection laws

Despite the regulatory hurdles, the project’s WLD token surged 35% this week, from $1.60 on Sept. 19 to $2.16 on Sept. 26.

Own this piece of crypto history

Collect this article as NFT

COINTELEGRAPH IN YOUR SOCIAL FEED

South Korea’s personal information watchdog imposed a fine of 1.1 billion Korean won ($829,000) on the Worldcoin Foundation and its affiliate Tools For Humanity (TFH) for violating the country’s laws on personal information protection. 

In a plenary session on Sept. 25, the country’s Personal Information Protection Commission (PIPC) announced that it would fine the company $829,000 for violating the Personal Information Protection Act (PIPA).

The regulator also imposed corrective orders and improvement recommendations on the Worldcoin Foundation. 

The PIPC said that it started its investigation in February after receiving complaints that the company may be collecting biometric information in exchange for crypto. 

Almost 30,000 South Koreans used iris scans

The announcement also said that after the investigation, the privacy watchdog confirmed that the Worldcoin Foundation and the TFH collected information such as iris scans of South Koreans without a legal basis for processing. 

PIPC said that almost 100,000 South Koreans downloaded Worldcoin’s application, with almost 30,000 using iris authentication. However, the privacy watchdog said that the company failed to comply with the requirements of the PIPA. 

The regulator explained that when the Worldcoin Foundation collected the biometric data, they did not inform the users of the purpose of the collection and retention period as required in the law. The privacy watchdog also stressed that the company did not inform the users that their data would be transferred to foreign countries. 

According to the PIPC, the law requires companies to declare where the personal information is being transferred and the name and contact information of the entities receiving their information. 

Furthermore, the PIPC also highlighted that the company has not established a procedure for requesting and processing the deletion of sensitive data.

Additionally, the privacy watchdog noted that TFH did not have adequate procedures in place for age verification, which would prevent children under the age of 14 from registering on the application.

Related: Worldcoin denies insider trading and price manipulation allegations

Worldcoin token surges despite regulatory hurdles

Despite the challenges it had faced in South Korea, the project’s native token showed significant gains this week. 

Worldcoin token’s 7-day price chart. Source: Cointelegraph Markets Pro

Cointelegraph Markets Pro data shows that the Worldcoin (WLD) token surged from $1.60 on Sept. 19 to a high of $2.16 on Sept. 26. This represents a 35% price increase over the course of the week.

Magazine: AI Eye: AI didn’t kill the metaverse, it will build it — Alien Worlds, Bittensor vs Eric Wall

This article first appeared at Cointelegraph.com News

What do you think?

Written by Outside Source

BlackRock Bitcoin ETF posts September’s biggest daily inflow of over $180M

Dogecoin (DOGE) Could Surge by Another 30% if its Price Holds This Level: Analyst

Back to Top

Ad Blocker Detected!

We've detected an Ad Blocker on your system. Please consider disabling it for Non Cult Crypto News.

How to disable? Refresh

Log In

Or with username:

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

To use social login you have to agree with the storage and handling of your data by this website.

Add to Collection

No Collections

Here you'll find all collections you've created before.