OpenAI CEO Sam Altman’s digital identity project, World, formerly known as Worldcoin, is facing new challenges in Thailand after local authorities raided an iris scanning site allegedly operated by the platform. The raid is the latest in a series of regulatory hurdles faced by the company as it expands its global presence.
The Securities and Exchange Commission of Thailand (SEC) conducted a joint operation with the Cyber Crime Investigation Bureau (CCIB) to search an iris scanning site related to “WLD stock exchange services,” according to an announcement made by the SEC on Friday. The World’s WLD (WLD) token is the project’s native cryptocurrency, which is distributed to eligible World ID users in exchange for verification through iris scanning at World’s Orb locations. Currently, World operates 102 Orb locations in Thailand.
Regulatory Issues
The SEC and CCIB stated that they found evidence suggesting the WLD exchange service provider may have violated local digital asset laws by operating without a license. This raises concerns about the company’s compliance with regulatory requirements in the region. As a result, “the investigator has arrested suspects for the commission of the crime, subject to further relevant prosecution proceedings,” the statement said.
According to World, the platform only distributes WLD tokens in exchange for verification in jurisdictions “where the laws permit it.” The company’s website explains that eligibility for WLD tokens is limited based on geography, age, and other factors. Additionally, World notes that it is not responsible for the availability of WLD on third-party platforms, including centralized or decentralized exchanges.
Global Expansion and Regulatory Challenges
As World continues to expand its global presence, it faces regulatory challenges in various regions. The company’s use of iris scanning technology to verify users’ identities has raised concerns among regulators and privacy advocates. Cointelegraph reached out to World developer Tools of Humanity for comment on the raid but did not receive a response at the time of publication.
For more information on this developing story, please visit Cointelegraph for the latest updates on regulatory issues and digital asset laws.
