Russian Court Fines Coinbase for Data Violation
A Moscow court has imposed a 1 million ruble fine on U.S.-based cryptocurrency exchange Coinbase for failing to localize the personal data of its Russian clients. The court found Coinbase Ireland Ltd guilty of administrative violations for not adhering to Russian data localization laws. Despite this, Coinbase has not issued a public statement on the matter.
It’s worth noting that Coinbase has limited operations in Russia and has openly supported sanctions against the country following its invasion of Ukraine. In addition to Coinbase, other foreign companies such as Airbnb, United Parcel Service, and Spotify have also been fined for similar violations.
Russia has a history of clashing with foreign companies over data and content censorship, with recent fines imposed on companies like Zoom, Match Group (Tinder’s parent company), and Twitch for failure to localize data.
Hot Take: Foreign Companies Face Consequences in Russia
Russian courts continue to enforce strict data localization laws, leading to hefty fines for foreign companies operating in the country. This trend highlights the challenges faced by international businesses navigating Russia’s regulatory landscape.
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