South Korea fines Worldcoin for violating personal protection laws

Update (Sept. 26, 2:10 p.m. UTC): This article has been updated to adhd comments from Damien Kieran from Tools For Humanity.

South Korea’s individual accusation watchdog imposed a good of 1.1 cardinal Korean won ($829,000) connected nan Worldcoin Foundation and its connection Tools For Humanity (TFH) for violating nan country’s laws connected individual accusation protection. 

In a plenary convention connected Sept. 25, nan country’s Personal Information Protection Commission (PIPC) announced that it would good nan institution $829,000 for violating nan Personal Information Protection Act (PIPA).

The regulator besides imposed corrective orders and betterment recommendations connected nan Worldcoin Foundation. 

The PIPC said it started its investigation successful February aft receiving complaints that nan institution whitethorn beryllium collecting biometric accusation successful speech for crypto. 

Almost 30,000 South Koreans utilized iris scans

After nan investigation, nan privateness watchdog confirmed that nan Worldcoin Foundation and TFH collected accusation specified arsenic iris scans of South Koreans without a ineligible ground for processing, according to nan announcement. 

PIPC said that almost 100,000 South Koreans downloaded Worldcoin’s application, pinch almost 30,000 utilizing iris authentication. However, nan privateness watchdog said nan institution grounded to comply pinch nan requirements of nan PIPA. 

The regulator explained that erstwhile nan Worldcoin Foundation collected nan biometric data, it did not pass users of nan intent of nan postulation and retention period, arsenic required by law. The privateness watchdog besides stressed that nan institution did not pass users that their information would beryllium transferred to overseas countries. 

According to nan PIPC, nan rule requires companies to state wherever individual accusation is transferred and nan sanction and interaction accusation of nan entities receiving nan information. 

Furthermore, nan PIPC besides highlighted that nan institution has not established a process for requesting and processing nan deletion of delicate data.

Additionally, nan privateness watchdog noted that TFH did not person capable procedures successful spot for property verification, which would forestall children nether nan property of 14 from registering connected nan application.

Meanwhile, nan TFH welcomed nan regulator’s findings and said that they were nan consequence of a speech betwixt nan regulator and nan company. Damien Kieran, nan main privateness serviceman of TFH, said:

"We are gratified by nan PIPC's findings, which validate our unwavering committedness to personification privateness and information protection. This result is nan consequence of months of constructive speech and demonstrates that invention and regulatory compliance tin spell manus successful hand."

Related: Worldcoin denies insider trading and value manipulation allegations

Worldcoin token surges contempt regulatory hurdles

Despite nan challenges it had faced successful South Korea, nan project’s autochthonal token showed important gains this week. 

Worldcoin token’s seven-day value chart. Source: Cointelegraph Markets Pro