Russia Fines Google Nearly $100 Million For Failing to Delete Illegal Content ❌

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Russia Fines Google Nearly $100 Million For Failing to Delete Illegal Content ❌

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A Russian court has handed Google a huge fine of 7.2 billion roubles (nearly $100 million) over the tech-giant failure to remove illegal content in the country.

This huge fine comes as Russia tries to build pressure on foreign tech companies within the country as it wants to have more control over the companies and the content published on their platforms.

Recently, Russian authorities have accused several global companies of not moderating their content properly.

So far companies including, Meta (formerly Facebook), Twitter, and Google have been fined with fines ranging between tens to millions of dollars.

Apart from this, Russia has already banned several companies and websites that have failed to comply with the country’s law and have refused to cooperate with the regulators. 

Companies such as Dailymotion, LinkedIn, Nord VPN, Express VPN, among others have already been banned in Russia.

In addition, Russia has also introduced a new law that requires computers, smartphones, among other gadgets sold in the country, to have pre-installed domestic software and apps. 

Turkey’s Financial Authority 🇹🇷 Fines Binance Turkey Over Non-Compliance

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The Financial Crimes Investigation Board (MASAK) of Turkey, which is serving as Turkey’s financial intelligence unit under the Ministry of Finance and Treasury, has fined Binance Turkey 8 million Lira ($750,000) for failing to comply with the country’s regulations.

The financial agency undertook an audit of Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law, according to Anadolu Agency, a local news media agency. 

On investigation, MASAK found crypto exchange Binance’s Turkey operations responsible for violating the country’s law intending to prevent the money laundering gained through criminal means.

AML law requires all crypto agencies in Turkey to identify and verify the personal information of customers like name, surname, date of birth, etc. on their platform. 

Moreover, the law also requires businesses to immediately inform the government about suspicious activities within 10 days.

Amidst all this, Turkey is also planning to bring in a crypto law as president Erdoğan has announced the completion of a crypto law draft that will soon be handed over to the Parliament for approval.

Robotic Research Secures $228 Million 💰 in Series A Funding Round

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Robotic Research, a self-driving technology company, has raised $228 million in its Series A funding round led by SoftBank Vision Fund 2 and Enlightenment Capital. 

The funding also saw participation from Crescent Cove Advisors, Henry Crown and Company, and Luminar, a lidar company.

Founded in 2002, over the years, Robotic Research has become a leading provider of autonomous and robotic technology to improve the safety, security, and effectiveness of transportation operations. 

The company has delivered autonomous mobility and robotics solutions to defense and other sectors.

The United States-based company has historically automated trucks for the U.S. Army and Navy operating in areas that don’t have GPS, good communications, or lined roads. 

Robotic Research has already deployed its technology widely, and it will use this capital towards expanding and industrializing commercial applications.

In 2022, the company is also planning to deploy autonomous vehicles for Canada's logging industry and several agricultural vehicles. In addition, it is also working on pilot projects using "yard dogs", or trucks used in distribution yards.

China’s Industrial Profit Plunges 📉 Due to Fall in Raw Material Prices

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The industrial companies in China grew at a much slower rate in November, mainly due to the fall in prices of some raw materials, weaker consumer demand, and faltering property market, according to the statistics bureau.

The profits in November increased 9.0% on-year to 805.96 billion yuan ($126.54 billion), well off the 24.6% gain witnessed in October. 

Moreover, for the January-November period, the industrial companies’ profits increased 38.0% year-on-year to 7.98 trillion yuan, which is lower than the 42.2% gain observed in the first 10 months of 2021, said the statistics bureau.

The country’s red-hot inflation normalized slightly in November, mainly due to government efforts on controlling commodity prices.

China, which has lost momentum after a strong recovery from the pandemic the previous year, will face several challenges like supply chain issues, falling consumer spending, among other factors. In addition, China’s property distress has also impacted the steel sector as the production of glass, cement, and household appliances will remain volatile because of a drop in demand.

Around the Web 🌐

Only 1.3 Million Bitcoin Supply Left on Crypto Exchange: According to the latest analysis by Cryptorank, there is only 6.3% of total bitcoin supply left on exchange wallets. The 6.3 percentage figure recorded in December is the lowest recorded figure in 2021.

API Security Company Salt Security to Raise $120-$150 Million: Salt Security, an API security company, is planning to raise $120-$150 million at a valuation of $1.5 billion. The funding is believed to be led by Alphabet's independent growth fund CapitalG.


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