Regulators worldwide are cracking down on Worldcoin (CRYPTO:WLD) due to privacy fears surrounding its biometric data collection practices.

Despite boasting over 5 million users and offering its native cryptocurrency as a reward for iris scans, the project faces significant backlash from privacy advocates and regulators alike.

Bans have been initiated in countries like Spain and Hong Kong, with regulators citing concerns over data protection and user consent.

Worldcoin has responded by open-sourcing its software, implementing privacy features like "Personal Custody," and passing third-party audits to address regulatory concerns.

However, the project still needs to convince regulators and users of its commitment to privacy and transparency to avoid further bans and restore trust in its technology.