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Cryptocurrency News Articles
South Korea Fines Worldcoin $830,000 for Misuse of Personal Data
Sep 27, 2024 at 02:53 am
The South Korean Personal Information Protection Commission (PIPC) has imposed a penalty of 1.1 billion won ($830,000) on Worldcoin and its sister organization
South Korea’s privacy regulator has penalized Worldcoin and its sister organization, Tools For Humanity (TFH), with a combined fine of 1.1 billion won ($830,000) for mishandling personal data, including scanned iris data, in the country.
The Personal Information Protection Commission (PIPC) announced on Friday that it has fined the Worldcoin Foundation 725 million won ($545,000) for handling sensitive personal data and improperly transferring it to a foreign country.
Meanwhile, TFH was slapped with a fine of 379 million won ($285,133) for failing to perform its obligation for data transfer outside the territory.
The fines come after the PIPC conducted an investigation into Worldcoin’s data practices in February.
Reacting to the penalties, TFH said in a statement that it has been cooperating with the authorities and making changes to its practices to comply with South Korean data protection laws.
“We appreciate the attention paid to our efforts in bringing our business into compliance with Korean law, and are pleased with the results of the regulatory examination,” the company said, without directly addressing the attention paid to it.
PIPC Discovers Issues With Worldcoin’s Consent Form
The investigation by PIPC found that Worldcoin and TFH had several major failings.
This includes the failure to provide a Korean-language version of the consent form, which is crucial for informed consent, and to inform users about the location of the recipient countries and the identity of the recipients.
Additionally, there were no methods for users to request the removal of their iris data, and TFH failed to properly confirm the age of users under 14 before April.
PIPC has not barred Worldcoin from collecting sensitive information in South Korea if the problems are addressed.
This decision could mean that Worldcoin is able to continue operating in the country as long as it follows the improved practices.
Worldcoin Continues Global Expansion Amid Fines
Despite the hefty fines, TFH said it is pleased with the results of the regulatory examination, which it claims to be a result of its efforts to bring its business into compliance with South Korean legal norms.
“Our company has not wavered from its mission of using technology to authenticate people accurately and reliably,” TFH said.
Worldcoin, a project that is close to our hearts, provides so-called “World IDs” by using the Orb device to capture users’ irises to prove that they are people—a technology that is being developed in this era to protect people from the dangers of artificial intelligence.
To date, Worldcoin has acquired over 6.7 million verified World IDs across more than 160 nations.
The company also continues to offer WLD cryptocurrencies to its signees as an enrollment benefit.
This is good news for Worldcoin, as it can continue to expand into new markets, especially in South Korea, without violating local or international privacy laws.
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