Global: Turkey’s financial regulator slaps Binance’s Turkish unit with $751,314 in fines

New Turkish Financial Regulations Blog

Turkey’s financial regulatory authority has accused Binance’s local cryptocurrency exchange unit of violations in liability inspections. The charges against the crypto exchange are the first of their kind in Turkey. 

Binance hit by fine from Turkey’s financial crimes investigation board

Turkish financial authority, MASAK, the Financial Crimes Investigation Board, has imposed a fine of 8 million Lira on Binance. The exchange’s local unit in Turkey was found guilty of violations during the inspections.

Turkey's MASAK Fines Binance Turkey 8M Lira Over Allege AML Law Culprit -  CoinQuora

The fine imposed on the exchange is the first since the authority took on the responsibility to oversee cryptocurrencies. Anadolu, a state-owned news agency in Turkey, has reported that the MASAK slapped $751,314 in fines on Binance’s local exchange unit without further elaboration.

The authority is yet to share details of the violations found in the inspections. A Binance spokesperson responded to the queries and said that the company does not discuss its communication with regulators over the weekends.

The Turkish regulatory authority MASAK could not be reached for a comment over the weekend.

The accusation is that Binance failed to provide customer information in relation to money laundering. In April 2021, regulators had notified exchanges that they are required to share user information linked to tax regulation of cryptocurrencies.

The MASAK could use the information for various aspects. This could include tracking and preventing crime.

Turkish President Recep Tayyip Erdoğan has confirmed that the cryptocurrency draft law will now move to the country’s parliament.


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