Those 2 Altcoins Are in Trouble with Regulations: Halt Order Given!

O 2 Altcoin’in Başı, Düzenlemelerle Dertte: Durma Talimatı Verildi!
O 2 Altcoin’in Başı, Düzenlemelerle Dertte: Durma Talimatı Verildi!

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Hong Kong has dealt a blow to the ambitious Worldcoin project by ordering the halt of all operations in the city due to serious privacy violations. The move follows a months-long investigation by the Office of the Privacy Commissioner for Personal Data (PCPD), which concluded that Worldcoin’s data collection practices violated citizens’ rights. On the other hand, Uniswap, behind the altcoin UNI, opposes the SEC’s Wells notice, argues that legal action is not the answer, and calls on Congress to impose clear crypto regulations.

Worldcoin receives stop order from Hong Kong

The Office of the Hong Kong Privacy Commissioner for Personal Data (PCPD) has completed its investigation into the Worldcoin project. Worldcoin’s operations in Hong Kong were determined to be in violation of the Privacy Regulation. The crux of the problem lies in Worldcoin’s authentication process. Aiming for global reach, the project promised participants free digital passports and cryptocurrency tokens. However, registration required undergoing iris scanning and facial recognition, a method the PCPD deemed unnecessary and excessive.

The investigation revealed a number of worrying practices. First, the PCPD found that iris scanning alone was sufficient for human verification, making facial recognition an unnecessary step that collected redundant biometric data. Second, the project’s privacy notice, an important document outlining data collection policies, was not available in Chinese, effectively excluding a significant portion of the population from informed consent. This lack of transparency, coupled with reports that operators are not disclosing potential risks or answering questions, has further raised privacy concerns.

This closure represents a significant setback for altcoin Worldcoin, which is already facing scrutiny in other countries. As we at reported, Kenya suspended services due to similar privacy concerns, while India paused iris scans due to regulatory pressures. The project’s global reach, with more than 8,302 people screened in Hong Kong alone, raises questions about potential privacy breaches in other regions.

Bugün, O 23 Altcoin İçin Kritik: İşte Olacaklar Listesi!

Uniswap, behind altcoin UNI, responds to SEC notice

The Worldcoin saga coincides with another major development in the cryptocurrency space… Uniswap’s challenge to the US Securities and Exchange Commission (SEC). Uniswap, one of the leading decentralized exchanges, has objected to the SEC’s Wells notice. Thus, he opposed possible legal action and demanded clear regulatory frameworks from Congress. This highlights a broader theme in the crypto industry: the desire for clear rules and regulations rather than enforcement actions.

The results of these cases are likely to have an impact on the crypto world. As Hong Kong has shown, a lack of clear privacy regulations can lead to project closures. On the other hand, Uniswap’s challenge underscores the need for a regulatory framework that encourages innovation without hindering progress. Finding a balance between protecting users and allowing the crypto industry to thrive will be a significant challenge for policymakers around the world.

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Those 2 Altcoins Are in Trouble with Regulations: Halt Order Given!