The Worldcoin (WLD) controversy in South Korea has stirred up significant trading activity on the Bithumb crypto exchange, as reported by Busan Ilbo. Following a recent probe by the Personal Information Protection Commission, trading volumes of the WLD token on the platform have surged. On March 4, 24-hour trading of Worldcoin surpassed Bitcoin transactions by almost 2 billion won (over $1.5 million).
Authorities estimate that around 50,000 South Koreans currently hold WLD tokens, with the coin gaining popularity among crypto investors in recent weeks. The media report highlighted that as of 6:30 am UTC on March 7, 24-hour WLD trading volumes on Bithumb reached $107.3 million, trailing only behind Bitcoin and Dogecoin.
Bithumb has seen significant benefits from listing the coin, unlike its competitor Upbit, which previously dominated the market in various trading pairs. The recent order by Spanish regulators to halt operations of the Worldcoin project in Spain has likely fueled more trading activity on Bithumb. At present, WLD transaction volumes on the platform are among the highest, following only SHIB and BTC.
The surge in WLD trading is seen as positive news for Bithumb, as increased trading activity translates to higher profits through trading commissions. Despite the ongoing controversy surrounding Worldcoin in South Korea, WLD holders remain confident in the safety of their investments. Even if regulatory authorities find violations in personal information protection protocols, the consensus within the industry suggests that delisting is not imminent.
Worldcoin officials have temporarily suspended iris scanning activities in South Korea until at least March 20, in response to the regulatory scrutiny. Bithumb has affirmed its commitment to monitoring the situation closely, with a spokesperson stating that discussions on delisting Worldcoin are premature.
The fate of Worldcoin in South Korea may eventually be decided by DAXA, the Digital Asset Exchange Association, a self-regulating body comprising the nation’s five licensed KRW-trading crypto exchanges, including Bithumb and Upbit. DAXA oversees various crypto-related matters, such as token listings and delisting policies.
Recent concerns raised by Spanish regulators regarding Worldcoin’s data collection practices, particularly involving minors, have added to the regulatory scrutiny. The South Korean Personal Information Protection Committee has received complaints about Worldcoin’s handling of personal data and iris scanning activities, indicating ongoing regulatory challenges for the project.
In a related development, Hong Kong’s data protection authority has also initiated investigations into six Worldcoin operators over similar data privacy concerns, reflecting the global impact of the controversy surrounding the project.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
