Binance has been fined by the Turkish Financial Crime Investigative Commission (MASAK) after an inspection found some violations. Binance’s local unit was asked to pay TRY 8 million (approximately Rs.5 billion) as part of the fine. The company has been accused of failing to comply with digital currency laws regarding customer information in the country. Binance operates in Turkey under the name BN Teknoloji. So far, neither BN Teknoloji nor MASAK have made any public statements on this matter.
Binance has also been accused of failing to provide customer information related to money laundering under the new laws enacted earlier this year, Reuters reported.
The fine imposed on BN Teknoloji is the first of its kind as the Turkish authorities decided to oversee and oversee crypto asset service providers in May.
The development comes after Turkish President Recep Tayyip Erdoğan hinted at introducing a law on cryptocurrencies to make crypto space beneficial for investors.
The Turkish President is considering legalizing the use of cryptocurrencies in the country.
A crypto report released in 2020 by the Turkish Information Technologies and Communications Authority (ICTA) estimated that there were nearly 2.4 million users in the country, which is about three percent of the total population.
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Radhika Parashar is the senior correspondent for Gadgets 360. She has been reporting on technology and telecommunications for the past three years, and has focused on writing about all things crypto-related. She’s also a huge sitcom nerd and often responds to testimonials from Chandler Bing and Michael Scott. For tips or questions, you can reach her at RadhikaP@ndtv.com. More