Binance Turkey unit charged with violations after liability inspection, slapped with TRY 8million fine
Binance was fined by Turkey’s Financial Crime Investigation Council (MASAK) after certain violations were identified during an inspection. The local Binance unit has been asked to pay 8 million TRY (approx Rs. 5 crore) as part of the fine. The company has been accused of showing non-compliance with digital currency laws related to customer information in the country. Binance operates under the name BN Teknoloji in Turkey. So far, neither BN Teknoloji nor MASAK have commented publicly on the matter.
Binance has also been accused of failing to provide client information related to money laundering under certain new laws enacted earlier in the year, Reuters reported.
The fine imposed on BN Teknoloji became the first of its kind as Turkish authorities decided to oversee and monitor crypto asset service providers in May.
This development comes after Turkish President Recep Tayyip ErdoÄan hinted that it would be possible to introduce a cryptocurrency bill to make the crypto space beneficial for investors.
The Turkish president is considering legalizing the use of cryptocurrency in the country.
In a crypto report released in 2020 by the Turkish Information and Communications Technology Authority (ICTA), it was estimated that there are nearly 2.4 million users in the country, or about 3 % of total population.
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