A crypto asset platform has been penalized for the first time in Turkey

BN Technology company (Binance) has been fined 8 million liras, which is the upper limit for violations detected in the liability audit conducted by the Financial Crimes Investigation Board (MASAK). According to the information obtained by the Anadolu Ajans (AA) correspondent, the decision in question is the "first penal sanction" in this area. It has been decided to impose an administrative fine of 8 million TL, which is the upper limit, to Binance, regarding the violations detected by MASAK in the liability audit carried out within the scope of the Law on the Prevention of Laundering Proceeds of Crime. Crypto asset service providers were added to the list of MASAK obligors with the relevant regulation published in the Official Gazette on May 1. In this context, MASAK has published a guide on crypto service providers on its website. Accordingly, the obligations of crypto asset service providers were determined as customer recognition, suspicious transaction reporting, information and document submission, continuous reporting, preservation and submission.