Turkey Fined The Crypto Exchange Binance!

Turkey has fined the crypto exchange Binance for 8 million TL. Aforementioned fine was Turkey's first penalty to Binance.

In May, MASAK started to work after cryptocurrency exchanges became subject to legal obligations in Turkey. Binance, the world's largest cryptocurrency exchange by volume, has been given the maximum penalty for breach of obligation. According to the news, some violations of the BN Technology company, which operates the Binance crypto exchange, were detected in the liability audit carried out by MASAK within the scope of the Law on the Prevention of Laundering Proceeds of Crime. The Board imposed an administrative fine of 8 million TL to the exchange, which is the upper limit for said violations. MASAK, which tightened the controls even more after the fraud cases such as Thodex and VeBitcoin, ensures that the exchanges comply with the rules within the scope of their obligations with continuous audits. The fine imposed on Binance represents a first in this field in the country as well. Although no information has been given about the actions subject to violation yet, the MASAK guide defines the obligations as customer recognition, reports regarding the suspicious transactions, providing documents, providing continuous information.