Russian newspaper has to pay a fine for Bitcoin ad!

he Eleventh Arbitration Court confirmed the conviction of the newspaper publisher “Unity Nizhnekamsk”. The newspaper posted an ad for a financial services firm focused on cryptocurrencies. The Bitcoin ad had violated applicable law because of a formal error.

On August 8, the Moscow news agency Interfax reported confirmation of the verdict by the Eleventh Arbitration Court. In the first instance, the publishing house of “Unity Nizhnekamsk” based in Tatarstan was sentenced to pay 50,000 rubles. According to the court, the small publisher from the European part of Russia allegedly violated the standards for the publication of advertisements. The lawsuit had originally initiated a local authority to fight monopolies and a branch of the Russian central bank. In the second instance, the judges lowered the sentence, because the publisher noticed negative for the first time. In addition, the judges assume that this probably caused no financial damage and the security of Russia was never at risk.

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Crucial to the verdict was the fact that the advertiser was not named in the ad. Anyone providing financial services in Russia should not do so anonymously. Unlike the defense, the court does not see the company as a consultancy, but as a provider of financial services. In this case, it is not sufficient to include only the phone number of the contact person in the ad, the advertiser must be mentioned by name. Richard Timurovich advertised his trade in Bitcoin, Ethereum and Zcash. It also focused on paying its customers for the construction and operation of mining equipment.

The fine of the equivalent of around € 650 was lifted in the second instance. The amount of the now lower penalty has unfortunately not been announced by Interfax. Cryptocurrencies are still a niche topic in Russia. According to a recent poll, only half of all Russian citizens have ever heard of it. In addition, only 13 percent of respondents said that they had learned more details about cryptocurrencies in recent years.

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