• Worldcoin, a newly launched crypto and ID project, may face inquiries from data regulators in the UK over privacy concerns.
• The Information Commissioner’s Office (ICO) is examining the project to determine whether it adheres to data laws.
• Despite criticism from within the fintech world, Worldcoin onboarded over 2 million users during its beta phase.
UK Data Regulators Investigating Worldcoin
The recently released crypto and ID project Worldcoin is being investigated by the United Kingdom’s Information Commissioner’s Office (ICO) for potential violations of data laws due to its dystopian features and privacy concerns.
Details of Worldcoin
Worldcoin was co-founded by OpenAI’s CEO Sam Altman and secured $115 million in funding from Andreessen Horowitz, Bain Capital Crypto and Distributed Global back in May. During its beta phase, it was able to on board more than 2 million users despite criticism from within the fintech world.
Concerns over Privacy & Biometric Data Safety
The digital identification-centered crypto project has been raising concerns over biometric data safety and privacy due to its global database of human IDs issued after an eye scan which is connected with all financial transaction data of each individual managed by a centralized non-profit collecting sensitive data for KYC/AML purposes.
Crypto Community Reaction
The crypto community has voiced their disapproval towards certain aspects of this project like security of user’s biometric data as well as privacy issues. Furthermore, none of the U.S.-based exchanges such as Coinbase or Kraken will be listing WLD token due to regulatory reasons in the U.S..
Regardless of these issues, ICO has acknowledged the launch of this project in the UK and promised further inquiry into its adherence with existing regulations concerning data laws.