Turkish Regulator Fines Local Branch of Binance with $750,000
The Financial Crimes Investigation Council of Turkey (MASAK) has fined the local branch of crypto exchange Binance, Reuters has reported with reference to the Turkish edition of Anadolu.
The amount of the fine was 8 million lira (about $750,000 at the exchange rate at press time). The reason was the violations of the trading platform discovered during an audit.
According to the publication, this is the first fine imposed after the Turkish authorities took over the responsibility of overseeing service providers in the country.
In May, the MASAK ordered crypto exchanges to notify when users make transactions exceeding the limit of 10,000 lira (about $935). In April, the Central Bank of Turkey banned the use of cryptos as a form of payment.
In July, media reported the country’s Ministry of Finance and Treasury had announced the completion of a bill to regulate digital assets.
On December 25, Turkish President Recep Erdogan announced the document on cryptocurrencies was ready and would soon be sent to parliament. He did not disclose the details of the bill.
Erdogan announced in September the fight against cryptocurrencies. Then the President of Turkey explained the country will not contribute to the proliferation of private digital assets, but will continue to use its own currency.
