Binance Turkey fined 8M lira for non-compliance against money laundering

Binance Turkey has been fined 8 million Turkish lira, or $6.5 million, for not complying with anti-money laundering regulations and procedures. The fine is the largest ever imposed in relation to a crypto exchange by its home country’s regulators.

The “binance banned countries” is a cryptocurrency exchange that has been fined 8M lira for non-compliance against money laundering. Binance Turkey was also found to be operating without a license.

Binance Turkey fined 8M lira for non-compliance against money laundering

 

The Financial Crimes Investigation Board (MASAK), Turkey’s financial intelligence branch under the Ministry of Finance and Treasury, found Binance’s Turkey activities in violation of rules designed to prohibit the laundering of money obtained via illegal methods. MASAK audited Law No. 5549 on Prevention of Laundering Proceeds of Crime, generally known as the AML Law, according to local news agency Anadolu Agency.

The Turkish Anti-Money Laundering Law requires companies to identify and verify the personal identification information of customers on the platform, which includes information such as surname, date of birth, T.C. identification number (the Turkish equivalent of a social security number), and type and number of identity documents. Businesses must also report the authorities of questionable activity within a 10-day period, according to the regulation.

The watchdog, according to Cointelegraph Turkey, levied the maximum administrative penalties of 8 million Turkish lira for the alleged breach. This timetable also corresponds with President Erdoan’s announcement of the completion of a crypto legislation draft, which will be sent to Parliament for approval shortly.

Binance is now the first cryptocurrency company to be penalized by the Turkish government. According to former Treasury and Cost Minister Lutfi Elvan, MASAK works closely with the Financial Action Task Force (FATF), a worldwide regulator against money laundering and terrorism financing:

“The FATF has requested that action be taken against cryptocurrency trading sites.”

In response to this request, MASAK has committed to record transactions worth more than 10,000 lira within 10 days.

President Erdoan declares that Turkey’s crypto legislation is ready for parliament.

Recep Tayyip Erdoan, Turkey’s president, acknowledged the completion of a crypto legislation, which would be handed over to Parliament for general adoption shortly.

According to Cointelegraph, the crypto legislation proposes a new economic model that may aid Turkey’s efforts to restore the lira’s deteriorating value. Erdoan also said that the current inflation in the Turkish currency is not due to mathematics, but rather to a process, meaning that the lira’s value development is possible and possible:

“We plan to divert it to a dry place with this knowledge.” The exchange rate, on the other hand, will set its own price on the market.”

Binance Turkey was fined 8 million lira (almost $750,000) by the Financial Crimes Investigation Board (MASAK) after failing the financial watchdog’s assessment for monitoring Anti-Money Laundering (AML) compliance. 

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The “binance slp to php” is a cryptocurrency that has been fined 8M lira for non-compliance against money laundering. The company was fined for not complying with the anti-money laundering law.

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