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

After Binance Turkey failed to comply with financial watchdog’s anti-money laundering (AML) audit, the Financial Crimes Investigation Board (MASAK), fined Binance Turkey 8 Million Lira (nearly $750,000).

Financial Crimes Investigation Board, Turkey’s financial intelligence arm under the Ministry of Finance and Treasury found Binance’s Turkey operations guilty of violating laws aimed at preventing the laundering of criminally obtained money. Local news media Anadolu Agency reported that MASAK conducted an audit of Law No. 5549 on Prevention of Laundering Proceeds of Crime (also known as the AML Law).

Turkey’s AML Law requires that companies identify and verify personal identification information for customers using the platform. This includes surname, date, birth, T.C., and other details. Identification number (Turkey’s equivalent to a social security number) as well as type and number identity documents. Businesses are required to notify the government immediately if they suspect suspicious activity within a period of 10 days.

Cointelegraph Turkey reported that the watchdog imposed a maximum administrative fine of 8,000,000 Turkish Liras for the alleged violation. This timeline coincides with President Erdogan’s announcement that a draft crypto law will be completed and handed to Parliament.

Binance is now the first cryptocurrency business to be fined by Turkey’s government. According to Lutfi Elvan, former Treasury and Cost Minister, MASAK has been in close contact with Financial Action Task Force, a global regulator against money laundering, terrorist financing, and other financial crimes.

“FATF requested that measures be taken to combat crypto trading platforms.”

In accordance with this request, MASAK also agreed to notify transactions exceeding 10 000 lira in ten days.

Related: President Erdogan confirms that Turkey’s crypto law has been approved for parliament

Recep Tayyip Erdan, Turkey’s President, confirmed that a crypto law was completed and will be presented to the Parliament for its mainstream implementation.

Cointelegraph reported that the crypto law envisages a new economic model to support Turkey’s efforts to restore the depreciating lira. Erdogan stated that recent inflation in Turkish lira was not due to mathematics, but is a matter-of-process — suggesting a potential for lira value growth.

“With this understanding, it is our intention to channel it towards a dry spot. The exchange rate will have its own market price.”

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami