More suffering for the world’s most popular crypto exchange Binance, this time in Turkey. Binance Turkey has been fined 8 million lira (nearly $ 750,000) by the statewide Financial Crimes Investigation Board (MASAK) for failing its AML compliance monitoring exam.
MASAK, known as the Turkish Financial Intelligence Unit, announced that Binance’s operations in the country are in violation of laws related to money laundering. Turkish AML law requires companies to identify and review customers’ PII and notify the government of any suspicious activity within 10 days.
The liability checks revealed that Binance Turkey allegedly violated numerous regulations. This comes months after MASAK issued a warning to the crypto exchanges in April.
Interestingly, the fine against Binance Turkey goes hand in hand with the announcement by Turkish President Erdogan that the draft of the national crypto law will be successfully completed. The draft will soon be submitted to parliament, whereupon it could soon be turned into law, despite the country struggling with inflationary pressures weighing on its currency, the lira.
While Binance is the first crypto-related company to be fined by MASAK, it isn’t the first regulatory challenge the exchange has faced in its multi-year years of operation. Previously, the leading crypto trading platform in Singapore, the UK and the US faced regulatory challenges.
Source: Crypto News Deutsch