Turkish subsidiary of crypto exchange Binance fined for compliance lapse

December 27, 2021

Turkey’s Financial Crimes Investigation Board (MASAK) imposed an 8 million lira ($751,314) fine on the local unit of cryptocurrency exchange Binance over violations found during liability inspections, Reuters reported, citing the Anadolu news agency said on Saturday.

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 state-owned news agency said, without elaborating on the violations or inspections.

A Binance spokesperson said the company did not discuss publicly its communications with the authorities and regulators. MASAK could not be reached for comment at the weekend.
Meanwhile, Turkish President Recep Tayyip Erdoğan said at a meeting with journalists on Friday that the country’s cryptocurrency law is ready, according to Bitcoin.com quoting ABC Gazetesi. While providing information on crypto legislation, Erdogan said: “The law is ready, we will send it to the parliament soon without delay.”
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