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News

Worldcoin Ban In Spain Announced With 72 Hour Deadline

March 6, 2024 - Around 2 mins mins to read

Key Points:

  • Spain’s regulator orders Worldcoin to stop collecting personal data, giving it a 72-hour deadline.
  • The Worldcoin ban in Spain follows global regulatory hurdles for its eye-scanning technology.
According to the Financial Times, Spain’s data protection regulator, AEPD, has issued a stern order to halt Worldcoin’s data collection practices within the country, dealing another blow to Sam Altman’s cryptocurrency venture.
image 159

Worldcoin Ban In Spain Issued Amidst Global Scrutiny

The Worldcoin ban in Spain demands an immediate cessation of personal information gathering and the discontinuation of utilizing already acquired data. AEPD has afforded Worldcoin a 72-hour window to demonstrate compliance with this mandate, as reported by the Financial Times.

Worldcoin, spearheaded by Altman since its inception in 2019, has faced mounting scrutiny globally for its contentious approach to personal data acquisition, utilizing an eyeball-scanning “orb” for identification purposes. The AEPD’s Worldcoin ban in Spain follows its prior concerns regarding minors’ involvement in Worldcoin’s technology, prompting the implementation of new age verification measures.

This development marks another setback for Altman and his co-founders, Max Novendstern and Alex Blania, as they navigate regulatory hurdles worldwide.

While the project initially bypassed the stringent regulations of the US market, it encountered obstacles in major global markets such as China and India. Kenya’s watchdogs ordered the cessation of operations, and the UK’s Information Commissioner’s Office expressed intent to scrutinize Worldcoin.

Elon Musk Escalates Legal Battle with Altman and OpenAI

Altman, undeterred by mounting regulatory pressure, expressed openness to a Worldcoin existence without its cryptocurrency component. Despite amassing 4 million users and significant investments totaling around $250 million from notable entities like Andreessen Horowitz and Khosla Ventures, Worldcoin faces intensified regulatory scrutiny.

Beyond Spain, South Korea’s Personal Information Protection Commission launched an investigation into Worldcoin’s data practices following complaints. Meanwhile, billionaire Elon Musk initiated a lawsuit against Altman and OpenAI, alleging unfair business practices and breach of fiduciary duty.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

elon musk

Sam Altman

spain

WLD

Worldcoin

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Worldcoin Ban In Spain Announced With 72 Hour Deadline

Key Points:

  • Spain’s regulator orders Worldcoin to stop collecting personal data, giving it a 72-hour deadline.
  • The Worldcoin ban in Spain follows global regulatory hurdles for its eye-scanning technology.
According to the Financial Times, Spain’s data protection regulator, AEPD, has issued a stern order to halt Worldcoin’s data collection practices within the country, dealing another blow to Sam Altman’s cryptocurrency venture.
image 159

Worldcoin Ban In Spain Issued Amidst Global Scrutiny

The Worldcoin ban in Spain demands an immediate cessation of personal information gathering and the discontinuation of utilizing already acquired data. AEPD has afforded Worldcoin a 72-hour window to demonstrate compliance with this mandate, as reported by the Financial Times.

Worldcoin, spearheaded by Altman since its inception in 2019, has faced mounting scrutiny globally for its contentious approach to personal data acquisition, utilizing an eyeball-scanning “orb” for identification purposes. The AEPD’s Worldcoin ban in Spain follows its prior concerns regarding minors’ involvement in Worldcoin’s technology, prompting the implementation of new age verification measures.

This development marks another setback for Altman and his co-founders, Max Novendstern and Alex Blania, as they navigate regulatory hurdles worldwide.

While the project initially bypassed the stringent regulations of the US market, it encountered obstacles in major global markets such as China and India. Kenya’s watchdogs ordered the cessation of operations, and the UK’s Information Commissioner’s Office expressed intent to scrutinize Worldcoin.

Elon Musk Escalates Legal Battle with Altman and OpenAI

Altman, undeterred by mounting regulatory pressure, expressed openness to a Worldcoin existence without its cryptocurrency component. Despite amassing 4 million users and significant investments totaling around $250 million from notable entities like Andreessen Horowitz and Khosla Ventures, Worldcoin faces intensified regulatory scrutiny.

Beyond Spain, South Korea’s Personal Information Protection Commission launched an investigation into Worldcoin’s data practices following complaints. Meanwhile, billionaire Elon Musk initiated a lawsuit against Altman and OpenAI, alleging unfair business practices and breach of fiduciary duty.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.