Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain
  • Web 3
    • NFT
    • Metaverse
  • Regulation
  • Analysis
  • Learn
  • Blog
What's Hot

Coinbase Pre-IPO Perpetrators Push Crypto Deeper Into the Private World

2026-06-24

CZ noemde het no-KYC-model van Hyperliquid “geweldig”

2026-06-24

What is MEV? Maximal Extractable Value, the invisible tax on crypto

2026-06-24
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
Facebook X (Twitter) Instagram
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain

    What is MEV? Maximal Extractable Value, the invisible tax on crypto

    2026-06-24

    Orix AI partners with PAYGO to enable AI-powered Web3 payments

    2026-06-23

    How the network processed $309 million in stablecoins last month

    2026-06-23

    Micron Tech Tokenized Stock Goes Live on Solana via Sunrise

    2026-06-23

    Micron Tech Tokenized Stock Goes Live on Solana via Sunrise

    2026-06-23
  • Web 3
    • NFT
    • Metaverse
  • Regulation

    Stablecoins in Britse ponden gemaximeerd op $53 miljard, terwijl de Bank of England stablecoin-regels vastlegt

    2026-06-22

    De Amerikaanse toekomst van crypto-daders zal worden bepaald door hoe toezichthouders besluiten ze te noemen

    2026-06-22

    De MiCA-deadline zal waarschijnlijk kleinere crypto-apps naar gelicentieerde bewaarrails verplaatsen

    2026-06-22

    dollar liquidity may already be too far ahead

    2026-06-22

    Kraken Fed-accountgevecht zou kunnen bepalen hoe cryptobedrijven directe betalingstoegang krijgen

    2026-06-21
  • Analysis

    CZ noemde het no-KYC-model van Hyperliquid “geweldig”

    2026-06-24

    South Korea’s KOSPI crashes 10% as regulator admits ETF error

    2026-06-23

    Trumps quantum computing-push zet 449 miljard dollar aan ‘blootgestelde Bitcoin’ weer in de schijnwerpers

    2026-06-23

    Solana subsidizes large traders before the markets in the chain prove that the activity can continue to exist

    2026-06-23

    ‘Abrupt change in market conditions’ coming for stocks later this year, says Fundstrat’s Tom Lee – here’s why

    2026-06-23
  • Learn

    Most Profitable Crypto to Mine in 2026: Best Altcoins for Mining

    2026-06-23

    Bitcoin Alternatives: Our Top Altcoin Picks for You in 2026

    2026-06-23

    What Is a Bull Flag Pattern in Crypto and How to Use It

    2026-06-20

    What Is OTC Trading? Over-the-Counter Trading Explained

    2026-06-20

    The Top 10 Bitcoin Wallets in 2026

    2026-06-20
  • Blog
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Regulation»South Korea imposes $860,000 fine on Worldcoin over data collection compliance failures
South Korea levies $860K fine on Worldcoin for compliance failures related to data collection
Regulation

South Korea imposes $860,000 fine on Worldcoin over data collection compliance failures

2024-09-26No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

South Korea’s Personal Information Protection Commission (PIPC) has imposed a collective fine of KRW 1.14 billion ($861,408) on Worldcoin and its subsidiary Tools for Humanity (TFH) for errors related to disclosure requirements, according to a September 25 press release.

The regulator said the companies violated the country’s Personal Information Protection Act (PIPA) by failing to disclose the purpose of collecting iris data.

According to the decision, Worldcoin must pay a fine of approximately $550,000 (KRW 725 million), while TFH owes approximately $287,000 (KRW 379 million). The PIPC also issued corrective orders and recommendations for improvement to the two companies.

Worldcoin Foundation was found guilty of violating PIPA provisions regarding the handling of sensitive information and transfers abroad. Meanwhile, TFH has breached its obligations regarding the transfer of biometric information abroad.

Multiple violations

In February, the PIPC began investigating Worldcoin and TFH based on information from complaints and media reports, which alleged that Worldcoin “collected biometric information without consent in exchange for virtual assets (“Worldcoin”).”

The investigation found that the two companies had violated several aspects of PIPA by collecting personal information, such as iris data, ‘without legal basis’.

Under PIPA, given the sensitivity of the biometric information, the two companies had to separately obtain consent and implement security measures for the processing of such data. However, the companies have violated the provisions of the law.

In addition, the regulator said the companies did not inform users about the “purpose of collection and use” and were not transparent about the “retention and use period” of the data, as determined by PIPA.

See also  dYdX founder says crypto industry should give up US customers because market isn't 'worth the hassle'

Furthermore, the companies have transferred this biometric data to countries such as Germany without complying with transparency obligations imposed by law, including disclosing where the data is sent and details of the receiving company.

The regulator has imposed new requirements on the companies, both of which are now required to obtain separate consent when processing iris information and ensure that such information is only used for the purpose of collection and nothing further. They are also required to inform users of relevant information when transferring iris data abroad.

The investigation also found that Worldcoin had not provided users with an option to delete or suspend the processing of their iris codes, which is required by law. Worldcoin later corrected this by adding a delete function in April.

Additionally, WorldApp did not have proper age verification procedures in place for children under the age of 14, and TFH has been ordered to implement appropriate measures as part of the corrective orders.

The PIPC noted:

“…to protect and use personal information securely, awareness and compliance with the obligations and responsibilities of processors (business operators) under the protection laws are more required than ever.”

Mentioned in this article
Latest South Korea Stories

Source link

Collection compliance Data Failures Fine imposes Korea South Worldcoin
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

South Korea’s KOSPI crashes 10% as regulator admits ETF error

2026-06-23

Stablecoins in Britse ponden gemaximeerd op $53 miljard, terwijl de Bank of England stablecoin-regels vastlegt

2026-06-22

Bitcoin price bounces back to $65,000 as oil falls, but US market data still blocks the ‘all clear’

2026-06-22

De Amerikaanse toekomst van crypto-daders zal worden bepaald door hoe toezichthouders besluiten ze te noemen

2026-06-22
Add A Comment

Comments are closed.

Top Posts

Fomoin partners with Catto Verse to advance AI-powered Web3 innovation

2026-05-09

Soonchain to accelerate Real-World Crypto payments in collaboration with Miro

2025-04-07

Financial Company Republic is planning to acquire Crypto and Tokenized securities trade platform Inx for $ 60,000,000

2025-04-04
Editors Picks

Remilia launch Milady Social Media Network for ‘4chan Diaspora’

2025-09-19

Sneakers are the new gold

2023-11-22

Promoting Innovation on Bitcoin Blockchain

2023-06-11

What are BRC-20 Tokens? Should I invest in these new Bitcoin tokens?

2023-05-11

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Coinbase Pre-IPO Perpetrators Push Crypto Deeper Into the Private World

CZ noemde het no-KYC-model van Hyperliquid “geweldig”

What is MEV? Maximal Extractable Value, the invisible tax on crypto

Get Informed

Subscribe to Updates

Get the latest news and Update from Bitcoin Platform about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
© 2026 Bitcoinplatform.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.