Instagram Fined for Violating Children’s Privacy; China Orders Tech Firms to ‘Improve Traceability’ of Users

In today's ExchangeWire news digest: Instagram is fined in Ireland for violating children’s privacy; China orders tech firms to identify and punish users perpetuating fake news; and Gokomodo raises USD$26m (£22m) in a series A funding round.


Ireland fines Instagram €405m (£349m)

Regulators in Ireland have issued Instagram with a fine of €405m (£349m) for violating the privacy of underage users. The complaint against the social media giant was launched back in 2020 and claimed that children were able to open business accounts on the platform, unknowingly making more of their personal data public.

Instagram-parent Meta has said it had “engaged fully with the DPC” throughout its enquiry and now plans to appeal against the fine.


China calls upon tech firms to blitz the internet of fake news

China’s Cyberspace Administration has revealed a three-month plan to purge the internet of fake news, calling on tech firms to improve their ability to identify online accounts posting misleading content. The firms will also be expected to punish the individuals behind them with warnings, suspensions, and bans.

Companies who fail to weed out these accounts will themselves be penalised by Beijing, who will bar platforms from accepting new users.


Indonesia’s Gokomodo raises USD$26m (£22m) in funding

Agriculture supply chain company Gokomodo has amassed USD$26m (£22m) in a series A funding round. The round was led by East Ventures, with participation from SMDV, Eight Capital, and Waresix.

The B2B startup offers digital commerce, digital procurement, and distribution services to its clients, in addition to enabling transactions through Gokomodo’s e-commerce platform. The company now aims to increase its product offerings, in addition to building physical distribution points to reach underserved areas of Indonesia.


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Fact of the Day

1.5 billion - Instagram's daily active users globally as of January 2022.

Source: Hootsuite.