Russian Court Fines Coinbase and Other US Tech Firms
The largest US-based crypto exchange is reportedly being ordered to pay a penalty for violating a directive issued by authorities in Russia. In May, the Roskomnadzor, which is in charge of monitoring Russian mass media, issued a directive obliging foreign companies to localize citizens’ data starting July 1st.
According to local business newspaper Vedomosti, a court in Moscow fined Coinbase along with another foreign entity, AIDA International, for failing to comply with the directive. Coinbase is being fined one million rubles, or about $10,500. The report says that Coinbase and AIDA both received the minimum fine, but other companies face the possibility of paying higher penalties of up to six million rubles, or around $65,090.
Last month, the court also penalized video conferencing platform Zoom with a fine of 15 million rubles, or $62,725, for repeatedly refusing to localize the data of Russian users. In August, instant messaging app Telegram was ordered to pay 50,000 rubles, or around $542.42.
The report says that US tech firms Apple, WhatsApp, Match Group, Airbnb, Google, Twitch and Pinterest were also previously fined for the same offense.
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Russia Fines US Tech Firms for Failure To Localize Customer Data
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