Binance was fined by Turkey’s Financial Crimes Investigation Commission (MASAK) after several violations were identified during an inspection. The local unit of Binance was ordered to pay 8 million TRY (approximately Rs. 5 crore) as part of the penalty. The company has been accused of exhibiting non-compliance with digital currency laws regarding customer information in the country. Binance operates under the name BN Teknoloji in Turkey. Currently, neither BN Teknoloji nor MASAK have commented publicly on the matter.
Binance It has also been accused of failing to provide customer information related to money laundering under several new laws enacted earlier this year, according to Reuters. report.
The fine imposed on BN Teknoloji became the first of its kind as Turkish authorities decided to monitor and track crypto asset service providers in May.
The development comes after Turkish President Recep Tayyip Erdoğan hinted at the introduction of a electronic money bill to make the crypto space profitable for investors.
The President of Turkey is considering legalizing the use of cryptocurrencies in the country.
In a crypto report published in 2020 by the Information and Communications Technology Authority of Turkey (ICTA), it estimates that there are nearly 2.4 million users in the country, about 3% of the total population.
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