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 and AIDA International were found guilty of an administrative offense under Part 8 of Art. 13.11 of the Code of Administrative Offenses of the Russian Federation (failure by the operator, when collecting personal data, to ensure the recording, systematization, accumulation, and storage of data of citizens of the Russian Federation).”