Russia Fines Coinbase $11k for Not Localising User Data

Writer: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since a few years. He has earlier buying and selling expertise and has been working within the Fintech trade since 2017.

Nov 13, 2023 22:52

A Russian court docket has fined crypto trade Coinbase 1 million rubles ($11,000) for not localizing Russian customers’ information inside the nation. That is a part of Russia’s efforts to exert extra management over the web, with numerous worldwide know-how corporations dealing with fines for related violations. Firms similar to Google, Apple, Spotify, WhatsApp, and Airbnb have all been fined in recent times. The Tagansky District Court docket of Moscow dominated that Coinbase had violated a regulation requiring the recording and storage of Russian customers’ information within the nation. The deadline for localizing private information storage for international web corporations was July 1, with roughly 600 corporations complying.