The Binance issue entered Christmas, and the exchange was fined 8 million lire for multiple infringements


Binance is the world’s largest cryptocurrency exchange by trading volume, but it is still dealing with regulatory issues in 2021. Reuters story, The country’s Financial Crime Investigation Commission has fined Binance’s Turkish subsidiary BN Teknologi an 8 million lire (approximately US$751,314) fine (MASAK).

Binance Turkey fined

The Financial Crime Investigation Commission (MASAK) imposed a fine of 8 million lire (nearly 750,000 US dollars) on Binance Turkey for failing to pass the financial regulator’s supervision and audit of anti-money laundering (AML) compliance.

The Financial Crime Investigation Commission (MASAK), the Turkish Ministry of Finance and the financial intelligence agency under the Ministry of Finance, found that Binance’s operations in Turkey violated regulations aimed at prohibiting money laundering of funds obtained through illegal methods.according to Anadolu Agency, MASAK audited Law No. 5549 on the Prevention of Money Laundering Criminal Proceeds, also known as the Anti-Money Laundering Law.

BNB/USDT trades at $543. Source: TradingView

Turkish anti-money laundering law requires companies to identify and verify the personal identification information of customers on the platform, including surname, date of birth, TC identification number (Turkish equivalent of social security number), type and other information. And the number of ID documents. According to regulations, companies must also report suspicious activities to the authorities within 10 days.

According to Anadolu, the verdict on BN Teknoloji is the first verdict since the government assumed responsibility for overseeing crypto asset service providers in May. The news organization did not disclose any other information about violations or inspections.

Related articles | Binance’s path to compliance continues to provide crypto users with a list of rights

Regulators are in trouble for a long time

Binance, as one of the oldest and largest cryptocurrency exchanges, has been subject to a lot of regulatory scrutiny. Binance was founded in China in 2017, but due to China’s tougher attitude towards the cryptocurrency business, it had to move to Japan the following year.

Although the authorities have been reviewing the exchange for many years, it passed the noose in 2021. Some regulators have already taken action against Binance, from ordering the closure of its business to restricting the services it can provide.

This America, This UK, Italy, Germany, Poland, Netherlands, Malta, SingaporeAnd Japan is one of the countries trying to regulate this famous exchange. Binance’s response to the restrictions has mostly been favorable, and they appear to have recovered. The fact that the exchange has expressed its intention to open offices around the world to better interact with the authorities shows this.

Related Reading | Binance CEO Changpeng Zhao said, “Compliance is a journey.”

Featured image from Global Crypto, chart from TradingView.com



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