In a recent development, Portugal’s data regulator, the National Data Protection Commission, also known as CNPD, issued an order to stop Sam Altman’s activity. iris scanning projectWorldcoin, based on the collection of biometric data for 90 days.
Worldcoin Compliance Under Pressure
According to a Reuters reportthe suspension of the CNPD specifically targets the Worldcoin Foundation, a memberless entity based in the Cayman Islands, described on its website as the sole member and director of World Assets Ltd, a company registered in the British Virgin Islands responsible for issuing Worldcoin tokens to subscribe to . participants.
The CNPD cited an alleged “high risk” to citizens’ data protection rights as the main reason for its urgent intervention. The regulator expressed concern about the “unauthorized” collection of data from minors, the lack of information provided to data subjects and the impossibility of deleting data or withdrawing consent.
The suspension order also stated that more than 300,000 individuals in Portugal provided their biometric data to Worldcoin, which led to numerous complaints being submitted to the CNPD.
Jannick Preiwisch, head of data protection at the Worldcoin Foundation, responded to the CNPD order by stating that Worldcoin is “fully compliant” with all laws and regulations on biometrics. data collection and transfer. Preiwisch emphasized the company’s zero-tolerance policy for minor applications and its commitment to resolving any reported incidents.
Worldcoin recently transitioned to “Personal Custody” with the aim of giving users control over their data, including options for deletion and future use. The CNPD order to stop data collection is considered temporary, allowing additional due diligence and analysis of complaints during the ongoing investigation.
Privacy storm engulfs Worldcoin
Worldcoin’s regulatory scrutiny extends beyond Portugal. How NewsBTC reportedSpain’s data protection watchdog issued a three-month ban earlier this month in response to privacy complaints, and Kenya suspended Worldcoin operations in August 2023.
Furthermore, the Bavarian State Regulatory Authority, acting as the lead authority in southeastern Germany, is currently investigating Worldcoin under European Union data protection rules due to the presence of a German subsidiary owned by Tools For Humanity, the company behind Worldcoin.
As the investigation into Worldcoin’s data collection practices continues, the project faces significant challenges in addressing regulatory concerns and maintaining public trust in its ambitious vision. According to your websitethe project claims to have gathered more than 4.5 million applications from individuals in 120 countries.
Regulatory obstacles do not harm WLD performance
Despite the recent regulatory challenges faced by Worldcoin, the decentralized cryptocurrency has managed to maintain its 12% gains over the past seven days. After reaching an all-time high (ATH) of $11.95 on March 10, the project’s native token, WLDit suffered a sharp drop to $7.24 but has since recovered.
Currently trading at $9.01, WLD has capitalized on the overall market recovery and its seven-day uptrend, rising nearly 9% in the last 24 hours.
WLD trading volume over the last 24 hours was $416,136,329, indicating a significant increase of 65.10% from the previous day, suggesting renewed interest in the token.
Looking ahead, the $9.5 level is expected to provide the closest value resistance for the WLD token, followed by the $10.14 mark if the rally continues. On the downside, the $8.36 level is the closest support on the daily chart.
In a potential downtrend, failure to hold this support level could drop towards the $8 mark, with the next significant resistance at $7.93.
Featured image from Shutterstock, chart from TradingView.com
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