Worldcoin ‘disappointed’ with Hong Kong ban as WLD drops 5% News ▸ Hong Kong ▸ Worldcoin ▸ Regulation
Worldcoin ‘disappointed’ with Hong Kong ban as WLD drops 5%
Worldcoin's WLD token tumbled 5% following the regulatory issues in Hong Kong.
1 min read
Updated: May. 23, 2024 at 12:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Worldcoin Foundation expressed disappointment over Hong Kong authorities’ decision to ban its data collection efforts due to alleged privacy violations, according to a May 23 statement shared with CryptoSlate.
On May 22, Hong Kong’s Office of the Privacy Commissioner for Personal Data (PCPD) halted Worldcoin’s data collection activities in the region.
The PCPD claimed that Worldcoin’s collection of facial and iris images from over 8,000 Hong Kong residents was both unnecessary and excessive. Additionally, the regulator accused Worldcoin of failing to provide adequate information to users, thus compromising their ability to give informed consent.
Lawful operation
A spokesperson for Worldcoin affirmed the project’s commitment to legal compliance, including adherence to Hong Kong’s Personal Data Ordinance and similar regulations worldwide.
The spokesperson further emphasized that Worldcoin aims to set high standards for privacy protection in preparation for the AI era. The project achieves this through minimal data collection, user control over data, advanced technological measures like personal data custody, iris code selection, and secure multi-party computation.
Consequently, Worldcoin expressed disappointment that the Hong Kong regulators failed to consider these privacy advancements before imposing a ban on the project.
Meanwhile, Worldcoin’s dissatisfaction mirrors its reaction to Spain’s data protection agency, which also blocked data collection efforts from the Sam Altman-backed company. While Worldcoin hinted at potential legal action against Spain, it did not specify whether it would pursue similar measures against Hong Kong.
WLD price down
The ongoing controversy surrounding the project in Hong Kong has led to significant losses for the WLD token.
WLD is among CryptoSlate’s biggest losers for May 23, dropping about 5% in the past 24 hours to $4.86 as of press time.
This decline mirrors a broader market trend, with major digital assets such as Solana and BNB also seeing losses exceeding 2% during the same period.
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Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Editor Editor 
Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Worldcoin’s mission is to build the world’s largest identity and financial network to serve as a public utility, giving ownership to everyone.
Solana
$144.354
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Worldcoin
Worldcoin, co-founded by Alex Blania and OpenAI CEO Sam Altman, seeks to provide its users with a verified digital identity, as well as a cryptocurrency token (WLD) and a crypto wallet software.
Sam Altman is the CEO of OpenAI, an AI research and deployment company since 2019.
