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Turkish President Erdogan says the cryptocurrency law is ready as the crypto regulator fines Binance 8 million liras – regulation

Turkish President Recep Tayyip Erdoğan has reportedly announced that the country’s cryptocurrency law is “ready” and will be presented to parliament “without delay”. Meanwhile, the Turkish Financial Criminal Police Office (MASAK), which oversees crypto exchanges, has reportedly fined Binance Turkey for violations found during liability inspections.

Turkish cryptocurrency law “is ready”

Turkish President Recep Tayyip Erdoğan said at a meeting with journalists on Friday that the country’s cryptocurrency law was ready, ABC Gazetesi reported. While providing information on crypto legislation, Erdogan said:

The law is ready, we will be sending it to parliament soon.

Following Erdoğan’s announcement, the state news agency Anadolu reported on Saturday that the Turkish Financial Crime Investigation Bureau (MASAK) fined Binance’s Turkish exchange fined 8 million liras ($ 751,314) for breaches found in liability checks. Without giving any further information, Anadolu stated:

The fine imposed on BN Teknoloji was the first of its kind after the agency assumed responsibility for overseeing crypto asset service providers in May.

Binance Turkey then issued a statement stressing that it communicates and cooperates “openly” with regulatory and supervisory authorities. The exchange added that it is “actively following the changing guidelines, rules and laws in this new area.” In addition, Binance Turkey said it strives to “create a sustainable, healthy and safe ecosystem”.

In September, President Erdoğan said that Turkey “in war“With cryptocurrency. In addition, Binali Yıldırım, Vice Chairman of the Justice and Development Party (AK Party) said: “Unfortunately, the cryptocurrency also opens the door to complaints. So it’s something that needs serious control. “

Turkey released some in May rules for crypto trading platforms published in the Official Gazette after some cryptocurrency exchanges – Thodex and Vebitcoin – were investigated for fraud. The Turkish Central Bank also has forbidden the use of cryptocurrencies for payments.

What do you think of President Erdoğan’s and Binance’s statement of a fine of 8 million lira? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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