Worldcoin Fined Over $200,000 for Regulatory Violations

Worldcoin, the biometric ID and universal basic income project, has been hit with over $200,000 in fines by authorities in Buenos Aires.

The penalties stem from breaches of the National Consumer Defense Law, including the use of unfair clauses in its terms of service.

Authorities found that Worldcoin failed to properly verify user identities and allowed minors to enter their biometric data into the system.

Additionally, there was a lack of transparency regarding how user data is handled post-collection.

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These issues were uncovered during an investigation initiated by consumer defense officials in April.

The Worldcoin Foundation reached out to CryptoDnes and made the following statement:

The Worldcoin Foundation is surprised by the recent fine imposed by the Provincial Directorate for Consumer and User Rights Defense of Buenos Aires and rejects it. The Foundation believes there is a fundamental misunderstanding of the facts and the legal framework and will appeal this decision, confident in its position and the precedents set by competent courts. The Worldcoin Foundation remains committed to maintaining transparent and fair practices in Argentina, and will continue to uphold the highest standards of data privacy protection in compliance with all applicable laws and regulations in the markets where Worldcoin operates.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.