Binance Collaborates with Thai Police to Bust $277 Million Crypto Scam

Hong Kong's Office of the Privacy Commissioner for Personal Data (PCPD) has issued a directive for the Worldcoin Foundation to cease its operations within the region, citing violations of local privacy laws. The decision comes after the PCPD found that Worldcoin had improperly collected facial and iris data from approximately 8,302 individuals. The agency’s investigation included ten covert visits to six different Worldcoin locations between December 2023 and January 2024. According to the PCPD, the extent of data collection by Worldcoin was deemed "unnecessary and excessive" failing to adhere to the Data Protection Principles.Photo by Claudio Schwarz on UnsplashConcerns over data retentionThe privacy watchdog criticized Worldcoin for its intention to retain personal data for up to 10 years. This retention period was intended for training AI models for user verification processes but was judged by the PCPD to be excessively long, amounting to prolonged retention of personal data. Following the findings, the PCPD has issued an enforcement notice to Worldcoin, mandating the cessation of all its activities in Hong Kong. Privacy Commissioner Ada Chung has called on the public to report any ongoing operations by Worldcoin in the city. In response to growing international scrutiny, Worldcoin announced in March that it would halt the collection of personal data and is planning to introduce a new feature titled "Personal Custody," which would purportedly allow users to store their data on their devices. This change comes as Worldcoin faces additional challenges in other jurisdictions, including Spain and Portugal, which have also expressed concerns over the project's data collection practices. The project was also scrutinized in South Korea but it recently resumed services. As of now, Worldcoin has not provided comments regarding the recent regulatory actions. 

One of South Korea's prominent cryptocurrency exchanges, Bithumb, has doubled down on its effort to solidify its position as a leading crypto trading platform in the country. Bithumb has recently announced its policy to offer the lowest withdrawal fees among all local crypto exchanges, while enhancing its user experience by upgrading the user interface (UI) and adding more features to its app, according to the local media outlet Kyunghyang Games.  Already one of the few qualified fiat-to-crypto exchanges in Korea and a member of Digital Asset eXchange Alliance (DAXA) – a consultation group of the top five local crypto exchanges – Bithumb aims to further strengthen its competitiveness in the market. Photo by Traxer on UnsplashLower withdrawal fees with trading fees already at 0.04%According to the press, Bithumb has announced to offer the lowest withdrawal fees in the local crypto scene to win the hearts and minds of investors. Under the updated fee policy, users are now charged 0.0008 BTC for withdrawing Bitcoin and 0.009 ETH for Ether. The exchange has also been known for offering one of the lowest trading fees at 0.04%.  Making the deposit limit increase easierBithumb has long been getting complaints from users over its relatively unfavorable user experience and cumbersome processes required to increase the deposit limit of their real-name accounts. In response, Bithumb has introduced a new in-app feature that simplifies such procedures, so that users can raise their deposit limit with ease.  Among users who joined Bithumb in March, those whose initial deposits have passed 30 days and who purchased crypto assets valued at over KRW five million ($3,700), are now eligible for the deposit limit raise, allowing them to deposit and withdraw up to KRW 500 million per day.  Enhanced user interface and user experience One of the newly added features is the "Even Faster Chart," which provides users with four times faster response times following its transition from "Web view" to "Native view."  Bithumb's Chief Operating Officer (COO), Moon Seon-il, stated that the exchange is improving its service in multiple ways, including offering the lowest fees, supporting multichain transactions and enhancing UI for users.  

KICA partners with PiLab and CODE for Web3 authentication servicesThe Korea Information Certificate Authority (KICA) has signed a memorandum of understanding (MOU) with two new business partners — dApp provider PiLab and CODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit — according to local news outlet Kyunghyang Games. The three companies’ CEOs attended the signing ceremony and vowed to establish a credible authentication system to contribute to a healthy Web3 environment.Photo by GuerrillaBuzz on UnsplashEstablishing secure and compliant solutionsThrough this collaboration, the companies plan to leverage their respective capabilities to develop and distribute Web3 authentication services that comply with virtual asset service providers’ (VASPs) Know Your Customer (KYC) verification procedures as well as international standards such as the crypto Travel Rule. “We aim to create a secure and efficient environment for both providers and users of various Web3 services in line with global regulatory trends,” explained Park Do-hyun, CEO of PiLab.Setting new standardsKim Sang-jun, CEO of the KICA, anticipates that the KICA’s expertise and capabilities in identity verification and security authentication in Web2 would help the collaboration become a new benchmark in the Web3 authentication industry. “Eventually, we will expand our services to include SoulBound tokens (SBTs), enhancing identity verification, license certification and attribute certification, solidifying our position as a leading company in the Web3 industry,” he said.Furthermore, CODE CEO Lee Sung-mi emphasized the importance of complying with international standards like the crypto Travel Rule for a healthy Web3 service environment. She also pledged to ensure that CODE would use its capabilities to establish a solid connection between VASPs and the Web3 service market.This collaboration represents a strategic move towards shaping the future landscape of Web3 authentication and security services, combining the strengths of these companies to meet the evolving needs of the industry.