Turkey Fines Binance Crypto Exchange with $750k Fine for Non-Compliance
The Financial Crimes Investigation Board (MASAK) of Turkey has fined cryptocurrency exchange Binance a sum of lira 8 million (~$750,000) for failing to comply with the government’s latest financial crime laws.
As per a report published on Saturday by Anadolu Agency (AA), this penalty is thought will be the first of its sort. Earlier in 2021, the country had put into effect a new set of legislation pertaining to bitcoin exchange sites, which became effective immediately.
These laws specify that platforms must monitor user data, among several other things, and that this is regarded a necessary step in order to comply with tax requirements for cryptocurrencies and to avoid money laundering.
The Financial Crimes Board imposed this punishment after Binance allegedly neglected to provide the necessary data and, as a result, did not comply with the rules, prompting the regulating authorities to take action.