Turkish Financial Regulator Completes $ 751,314 Turkish Binance Unit | Cryptocurrency

  • Turkey’s Financial Crimes Investigation Committee MASAK fined Binance’s local unit 8 million Turkish lira.
  • The regulator accused the stock exchange of failing to comply with liability inspections.
  • The charges against Binance were the first of their kind by the Turkish regulator.

Turkey’s financial regulator has accused local cryptocurrency exchange Binance unit of failing to comply with liability inspections. The charges against the crypto exchange are the first of their kind in Turkey.

Binance fined by Turkey’s Financial Crimes Investigation Commission

Turkey’s financial authority MASAK, the Financial Crime Investigation Board, fined Binance 8 million lira. The local unit of the Turkish stock exchange was found guilty of wrongdoing during inspections.

The fine imposed on the exchange is the first since the authority assumed responsibility for overseeing cryptocurrencies. Anadolu, a state-owned news agency in Turkey, reported that MASAK fined Binance’s local exchange unit $ 751,314 without further details.

The authority has not yet shared details of the violations found during the inspections. A Binance spokesperson answered questions and said the company is not discussing its communication with regulators on the weekends.

Turkish regulator MASAK could not be reached for comment over the weekend.

Colin Wu, a Chinese journalist, shared the news on Twitter.

The charge is that Binance did not provide information to the customer about money laundering. In April 2021, regulators notified exchanges that they must share user information related to cryptocurrency tax regulations.

MASAK could use the information for various aspects. This could include crime prevention and monitoring.

Turkish President Recep Tayyip Erdoğan has confirmed that the cryptocurrency bill will now be transferred to the country’s parliament.

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