Turkish Regulator Fines Binance $750K

Binance is facing another regulatory blow as Turkey’s Financial Crimes Investigation Board (MASAK) has slapped an 8 million lira (around $750,000) fine on the local unit of the cryptocurrency exchange.

First reported by the state-owned media agency Anadolu, the penalty came as the Turkish operation of Binance allegedly violated local anti-money laundering laws. The lapses surfaced after MASAK carried out an audit of Law No. 5549 on the Prevention of Laundering Proceeds of Crime on the exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term.

The Turkish anti-money laundering law requires platforms to verify all customers and store their personal data, including local identity numbers. In case of any suspicious activities, businesses need to report to the authorities within ten days.

However, Binance refrained from providing any details on the fine saying it does not publicly discuss its communications with the authorities and regulators.

Moreover, the report highlighted that the penalty on Binance was the first such action against any cryptocurrency business in the country. In addition, it indicates the Turkish regulator’s change of focus on the growing local cryptocurrency industry.

The action against Binance conceded with a Turkish draft law on cryptocurrency regulations that will be sent to the parliament by President Recep Tayyip Erdoğan.

Binance vs Regulators

Meanwhile, Binance is no stranger to regulatory warnings and actions. Dozens of the regulators issued warnings earlier this year against the cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term as it was operating without any authorization in most of the jurisdictions. Additionally, these actions forced Binance to shut several services like margin trading from many jurisdictions and stock token trading.

Furthermore, Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against the cryptocurrency exchange for illegally offering services in the country, Finance Magnates reported earlier.