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I am behind more regulation of Social Media companies as I think they cause a lot of problems in society but I still believe the private companies can choose what they do about any regulations and are free to choose whether to comply with the regulations and continue 'trading' in a given country or withdraw from any country whose regulations they don't want to comply with.
Not sure why people are getting so upset about Australia. In theory Facebook could just completely pull out of Australia and that is up to them.
A country regulates in a certain way and companies comply with that or they don't. If all countries brought in the same regulation then Facebook may consider which countries it is worth bothering with just like many other companies do all the time (i.e. do I want to setup in China, is it worth the hassle/cost)
Countries don't have a right to have a company such as Facebook operating in them.