Russian court fines Coinbase exchange
Russian court fines Coinbase exchange
Cryptocurrency exchange Coinbase has been fined 1 million rubles by a Moscow court for failing to localize the personal data of its Russian users.
According to Russian media reports, a Moscow court found Coinbase Ireland Ltd., the European division of Coinbase, guilty of violating Russian law because the exchange did not localize the data in accordance with the established requirements and imposed an administrative fine.
It should be noted that Coinbase fully supports the sanctions imposed by the West against Russia for its invasion in Ukraine. The exchange has suspended more than 25,000 addresses associated with Russian individuals and entities it deems "involved in illegal activities."
In addition to Coinbase, a Moscow court imposed administrative fines of 6 million rubles on Airbnb, 3 million rubles on United Parcel Service, and 6 million rubles on Spotify for the same violations, according to Crypto News.
Following a series of sanctions from the U.S., Europe, Australia, Japan, and their allies, Russia has repeatedly fined foreign companies for content and data censorship.
In October, video service Zoom was fined 115 million rubles, and in September, Russia fined Tinder's parent company Match Group 10 million rubles and Twitch 13 million rubles.
Read also: ASIC forced Binance to compensate clients for losses.
