Turkey fines cryptocurrency exchange Binance 8 million liras

The crypto asset trading platform Binance was fined 8 million liras as a result of an investigation by the Financial Crimes Investigation Board (MASAK), Anadolu Agency reported on Dec. 25. This fine is considered the first of its kind after MASAK took on responsibilities to oversee crypto asset service providers in May.

Reuters

Turkey's Financial Crimes Investigation Board (MASAK) has fined the local unit cryptocurrency exchange Binance 8 million liras (US$751,314) over violations found during liability inspections, the state-owned Anadolu news agency reported on Dec. 25. 

Anadolu said the fine imposed on BN Teknoloji was the first of its kind after the authority took on responsibilities to oversee crypto asset service providers in May. The news agency did not provide further details about the violations or inspections.

BN Teknoloji did not immediately respond to an emailed request for comment at the weekend, while MASAK could not be reached for comment.

Turkey's financial crimes watchdog issues new cryptocurrency trade regulationsTurkey's financial crimes watchdog issues new cryptocurrency trade regulationsEconomy
Turkey adds crypto firms to money laundering, terror financing rulesTurkey adds crypto firms to money laundering, terror financing rulesEconomy
Turkish fintechs barred from dealing with cryptoTurkish fintechs barred from dealing with cryptoEconomy
Turkish gov't eyeing crypto assets, requests user data from local exchange platformsTurkish gov't eyeing crypto assets, requests user data from local exchange platformsEconomy

 

 

Topics Turkey Binance MASAK cryptocurrency exchange