Russian court issues first ever fine for cryptocurrency advertising

posted 10 months ago
Russian courts deemed the publication of Edinstvo Nizhnekamsk, which circulates in the Republic of Tatarstan, to be in breach of advertising regulations. The case came to court via the Federal Anti-Monopoly Service & a local branch of a subdivision of Russia’s Central Bank.

The state alleged that the advertisement in question, which simply carried the statement “Investments in cryptocurrency. Bitcoin, Ethereum, Zcash. Assembly and setup of mining farms” along with a contact telephone number, ran contrary to legal statutes. “From the sense of the content of the aforementioned advertisement, it follows that Richard Timurovich Blumchen is offering financial services, and not consulting ones,” the Anti-Monopoly Service complained, which resulted in the individual liable to pay a fine for the infringement.
Tags: bitcoin, news