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Cryptocurrency News Articles
Worldcoin WLD/USD Plunges as Hong Kong Regulator Orders Project to Shut Down All Its Operations in the Region
May 23, 2024 at 06:10 pm
In a major blow to Worldcoin WLD/USD, a Hong Kong regulator asked the cryptocurrency project to shut down all its operations within the region over risks to personal data privacy.
Hong Kong Regulator Orders Worldcoin to Shut Down Over Privacy Concerns
A Hong Kong regulator has ordered cryptocurrency project Worldcoin to shut down all its operations within the region over risks to personal data privacy.
The Privacy Commissioner for Personal Data (PCPD) — a statutory body tasked with the protection of personal data privacy through monitoring and compliance — served an enforcement notice to the Worldcoin Foundation, asking for the complete suspension of all its operations within the region.
The regulator urged individuals to report any incidents of non-compliance from Worldcoin immediately.
In the public statement, PCPD noted that the operations of Worldcoin violated the local data privacy protection laws. The act of collecting people's irises was referred to as "unnecessary and excessive," along with charges of "insufficient transparency."
The regulator launched an investigation into the project's operations in January. Two rounds of inquiries were conducted before it came up with the aforementioned findings.
Worldcoin didn't immediately respond to Benzinga's request for comment.
Launched by OpenAI Chief Sam Altman in July last year, Worldcoin quickly rose in popularity due to its unique model.
The project collects people's irises to authenticate their humanness and creates a digital ID, thereby making them eligible to receive free WLD tokens.
However, this process has attracted government scrutiny worldwide, with countries like Kenya and Spain banning the project.
To allay growing fears around privacy, Worldcoin tweaked its model, allowing users to request for permanent deletion of their iris codes — the unique digital ID associated with the iris.
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