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Buenos Aires Targets Worldcoin With Eye Scanning Biometric Bill
A bill that seeks to regulate the activities of companies that scan the eyes of their users, like Worldcoin, has been recently introduced in Buenos Aires. The law aims to protect the app users’ rights and help them to secure and determine the destination of the biometric data collected by these entities. Eye Scanning Bill […]
Bitcoin News
TON Society Reveals Biometric Proof-of-Personhood Palm Scanning Program
TON Society announced a proof-of-personhood program targeting Telegram users, who can voluntarily scan their palms in exchange for benefits. The organization allocated 1 million TON for this initiative, distributed among 500 million participants in the next 5 years after completing their palm verification using Humancode’s artificial intelligence (AI) biometric tech. TON Society Announces Digital Identification […]
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Worldcoin (WLD) 12% Rally Hits A Snag: Portugal Demands Halt To Biometric Data Collection
In a recent development, Portugal’s data regulator, the National Commission for the Protection of Data, also known as the CNPD, has issued an order to stop Sam Altman’s iris scanning project, Worldcoin, from collecting biometric data for 90 days.
Worldcoin’s Compliance Under Fire
According to a Reuters report, the CNPD’s suspension 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 sign-up participants.
The CNPD cited an alleged “high risk” to citizens’ data protection rights as the main reason for its urgent intervention. The regulator expressed concerns about the “unauthorized” collection of data from minors, the lack of information provided to data subjects, and the inability to delete data or withdraw consent.
The halt order also noted that over 300,000 individuals in Portugal had provided their biometric data to Worldcoin, leading to numerous complaints being lodged with the CNPD.
Jannick Preiwisch, the data protection officer at the Worldcoin Foundation, responded to the CNPD’s order by stating that Worldcoin is “fully compliant” with all laws and regulations about biometric data collection and transfer. Preiwisch emphasized the company’s zero-tolerance policy for underage sign-ups and its commitment to addressing any reported incidents.
Worldcoin has recently transitioned to “Personal Custody,” aiming to give users control over their data, including options for deletion and future use. The CNPD’s order to stop data collection is considered temporary, allowing for additional due diligence and analysis of complaints during the ongoing investigation.
Privacy Storm Engulfs Worldcoin
The Regulatory scrutiny of Worldcoin extends beyond Portugal. As NewsBTC reported, Spain’s data protection watchdog issued a three-month ban earlier this month in response to privacy complaints, and Kenya suspended Worldcoin’s operations in August 2023.
Moreover, 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 its website, the project claims to have garnered over 4.5 million sign-ups from individuals in 120 countries.
Regulatory Hurdles Fail To Dampen WLD’s Performance
Despite the recent regulatory challenges faced by Worldcoin, the decentralized cryptocurrency has managed to maintain its gains of 12% over the past seven days. After reaching an all-time high (ATH) of .95 on March 10, the project’s native token, WLD, experienced a sharp drop to .24 but has since recovered.
Currently trading at .01, WLD has capitalized on the overall market rebound and its seven-day uptrend, surging by almost 9% in the past 24 hours.
The trading volume for WLD in the last 24 hours is 6,136,329, indicating a significant 65.10% increase compared to the previous day, suggesting renewed interest in the token.
Looking ahead, the .5 level is expected to provide the nearest resistance for the WLD token, followed by the .14 mark, should the rally continue. On the downside, the .36 level is the closest support on the daily chart.
In a potential downtrend, failure to hold this support level could decline toward the mark, with the next significant resistance at .93.
Featured image from Shutterstock, chart from TradingView.com
Report: French Privacy Regulator Probes Worldcoin’s Biometric Data Practices
The French oversight agency, National Commission on Informatics and Liberty (CNIL), has raised doubts about the legality of Worldcoin’s biometric data collection methods. Besides questioning the legitimacy of its data acquisition processes, CNIL is also delving into how this biometric data is stored. Notably, Worldcoin has collected this data for over two million registrants who have participated in its project.
French Regulator CNIL Questions Worldcoin’s Biometric Data Storage
Worldcoin debuted last Monday, and based on available data and footage of individuals enrolling, the venture has been amassing momentum and recognition. In an email conversation with Reuters, CNIL disclosed to the media outlet that it was scrutinizing Worldcoin’s data gathering and has initiated inquiries. “The legality of this collection seems questionable, as do the conditions for storing biometric data,” CNIL informed the news platform.
Ahead of launching its worldcoin (WLD) token, Worldcoin asserted it had already enlisted more than 2 million users. As of now, over 300,000 WLD token holders exist, and on July 29, 2023, WLD documented upwards of 1 million transactions. Moreover, the CEO of Openai and co-founder of Worldcoin, Sam Altman, presented a video revealing Worldcoin registrants queuing up to undergo iris scans and shared that an individual was being scanned “every 8 seconds.”
Even prior to Worldcoin’s introduction, the project encountered backlash, and an article published by MIT Technology Review detailed accusations of deceit and exploitation. In October 2021, former NSA contractor and whistleblower Edward Snowden criticized the iris scanning initiative telling Altman they should abstain from cataloging people’s eyeballs. In correspondence with Reuters, the French regulator disclosed its commencement of investigations into Worldcoin.
CNIL also highlighted that Bavarian authorities are collaborating with the regulator in examining Worldcoin’s data collection practices. The Worldcoin Foundation responded to Reuters’ request for comment concerning the investigation. The foundation noted that it falls under the jurisdiction of the European Union and Bavarian authorities such as the Bavarian State Office for Data Protection Supervision. “[Worldcoin] is designed to protect individual privacy and has built a robust privacy program,” the Worldcoin Foundation stated in its email.
Additionally, the group emphasized that the project adheres to all laws and regulations within every jurisdiction where Worldcoin operates. “The project will continue to cooperate with governing bodies on requests for more information about its privacy and data protection practices,” the Worldcoin Foundation added.
What do you think about the French privacy regulator investigating Worldcoin’s practices? Share your thoughts and opinions about this subject in the comments section below.
Crypto Exchange Coinbase Faces Legal Action Over Biometric Data Collection
The Nasdaq-listed cryptocurrency exchange Coinbase has been accused of “wrongfully” profiting from its users’ facial and fingerprint scans. “Coinbase collects, stores, possesses, otherwise obtains, uses, and disseminates its users’ biometric data to, amongst other things, further enhance Coinbase and its online ‘app-based’ Platform,” a proposed class action lawsuit details.
Coinbase ‘Wrongfully Profits’ From Users’ Facial and Fingerprint Scans
A proposed class action lawsuit, filed Monday in the Northern District of California, alleges that the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN) illegally collects face templates and fingerprints of its customers in violation of Illinois’ biometric privacy law.
Plaintiff Michael Massel, a Coinbase customer, explained that the crypto exchange requires users to upload a government ID and selfie for verification and set up biometric authentication (fingerprint scan) for mobile app login.
“Coinbase collects, stores, possesses, otherwise obtains, uses, and disseminates its users’ biometric data to, amongst other things, further enhance Coinbase and its online ‘app-based’ Platform,” the lawsuit describes, adding:
Coinbase wrongfully profits from the facial and fingerprint scans it has collected or otherwise obtained from its users.
“Facial geometry and fingerprint scans are unique, permanent biometric identifiers associated with each user that cannot be changed or replaced if stolen or compromised. Coinbase’s unlawful collection, obtainment, storage, and use of its users’ biometric data expose them to serious and irreversible privacy risks,” the plaintiff detailed.
The Illinois Biometric Information Privacy Act (BIPA) has been a major driver of lawsuits against companies across a wide range of industries in recent years. The law requires companies to obtain consent before collecting biometric data, including fingerprints or facial scans, and to let users know how long the data will be kept. According to the complaint:
Coinbase has created, collected, and stored thousands of ‘face templates’ – highly detailed geometric maps of the face – and fingerprints from countless Illinois residents.
What do you think about Coinbase’s alleged collection and use of customers’ biometric data? Let us know in the comments section below.
Ripple Invests in Biometric Cybersecurity Startups $2.2 Million Round
Keyless, a London-based cybersecurity startup, claims to be the first firm to combine biometrics and cryptography.
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