Coinbase, one of the leading U.S. cryptocurrency exchanges, has recently been hit with a fine of over $11,000 by a Russian court for refusing to abide by data regulations of Russian nationals. A law stipulated that foreign companies needed to localize data of their respective Russian users or customers. This has been a contentious issue, as Russian President Vladimir Putin has been seen by some as using this law as a weapon against mainly Western organizations. Over 600 foreign companies have complied with the new requirements, however, Telegram Messenger, Zoom Video Communications, Spotify, Apple, Whatsapp, Match Group, and Airbnb have all been penalized for not complying. It remains to be seen if and how this law will be enforced further by the Russian government.



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