Buenos Aires Targets Worldcoin; Binance.US Bolsters Compliance Efforts

By: Eliza Bennet

The provincial government of Buenos Aires has accused Worldcoin of violations of consumer laws through 'abusive clauses' in its user agreement. The crypto platform is subject to accusations of unfair agreement permits allowing service interruption without repair or reimbursement offering. Furthermore, any conflicts are anticipated to be resolved through the application of outside regulations, claimed to violate Argentina's civil and commercial code.

Alongside this, Worldcoin is said to gather private user data internationally in Brazil, raising information inconsistencies regarding the handling and storage of biometric data collected from Argentine users. If proven guilty, Worldcoin could face a fine of up to 1 billion Argentine pesos.

In other news, Binance.US has declared the appointment of Martin C. Grant, former New York Federal Reserve Bank Compliance Chief, to their board. This move arrives in the hopes of enhancing compliance efforts and rebuilding user trust amidst extensive regulatory scrutiny. Binance.us has previously had encounters with the SEC and legal allegations for listing crypto asset security tokens on their platform, operating as an unregistered national securities exchange.

With Grant's vast experience in legal and ethical compliance at various governmental and financial firms, this addition underpins Binance.US’s commitment to maintaining the highest standards of compliance and integrity.