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Worldcoin ordered to stop operations in Hong Kong

Hong Kong has ordered the suspension of Worldcoin’s operations, citing serious privacy violations. The Office of the Privacy Commissioner for Personal Data (PCPD) issued the directive following an investigation into Worldcoin’s data collection practices, which were found to be non-compliant with local privacy laws.

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Hong Kong has ordered the suspension of Worldcoin’s operations, citing serious privacy violations. The Office of the Privacy Commissioner for Personal Data (PCPD) issued the directive following an investigation into Worldcoin’s data collection practices, which were found to be non-compliant with local privacy laws.

Worldcoin, a cryptocurrency project that aims to create a globally inclusive financial system by distributing free tokens, has faced scrutiny over its methods of obtaining biometric data. The project requires users to provide iris scans to verify their identities, raising significant privacy concerns.

According to the PCPD, Worldcoin’s data collection practices lack sufficient transparency and fail to obtain proper consent from users. “The collection of sensitive biometric data must adhere to stringent privacy standards, and Worldcoin has not demonstrated adequate compliance with these requirements,” stated a PCPD spokesperson.

The suspension order mandates Worldcoin to cease all data collection activities in Hong Kong immediately and to secure the biometric data already collected. The PCPD is also considering further enforcement actions, which could include fines or other penalties if the company fails to comply.

This move by Hong Kong authorities reflects the growing global scrutiny of data privacy practices in the cryptocurrency industry. Regulators worldwide are increasingly focusing on how companies handle personal and sensitive information, particularly in emerging tech sectors like digital currencies and blockchain.

Worldcoin has responded to the suspension by expressing its commitment to resolving the issues raised by the PCPD. “We are dedicated to working with Hong Kong regulators to address their concerns and ensure our data collection processes meet all legal and ethical standards,” a Worldcoin representative said.

The suspension in Hong Kong follows similar regulatory challenges faced by Worldcoin in other jurisdictions. The company is under pressure to enhance its privacy safeguards and transparency to align with global data protection standards.

In summary, Hong Kong has halted Worldcoin’s operations due to privacy violations, highlighting the increasing regulatory focus on data protection in the cryptocurrency sector. Worldcoin must now address these concerns to resume its activities in the region.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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