Worldcoin Faces Fine in South Korea Amid Data Privacy Violations

Worldcoin has received negative attention in South Korea amid ongoing data breach concerns affecting several nations.

The country’s Personal Information Protection Commission (PIPC) recently imposed a fine of 1.1 billion Korean won (over $830,000) on Worldcoin developer Tools for Humanity for breaching local privacy regulations, as reported by The Block.

The PIPC stated that the Worldcoin Foundation failed to adequately explain why it was collecting and storing scanned iris data, and did not provide a Korean translation of its biometric data consent form before March 22.

They also faced a fine of 725 million KRW (around $546,000) for mishandling and improperly transferring sensitive information internationally. Additionally, Tools for Humanity was fined 379 million KRW (about $285,000) for breaching regulations regarding the export of personal data.

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This investigation, initiated in February, stemmed from complaints regarding Worldcoin’s collection of biometric data without consent for cryptocurrency offerings. In response, Tools for Humanity expressed its approval of the regulatory decision and noted that it had taken steps to correct the issues identified during the investigation. Despite the regulatory challenges, Worldcoin (WLD) saw a significant uptick, rising by 15.9% in the past 24 hours.

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.