Turkish Regulators Slap 8 Million Lira Fine on Unit of Cypto Exchange Binance

Turkey's regulators have imposed an 8 million lira ($751,314) fine on the local unit of cryptocurrency exchange Binance over violations found during liability inspections. The decision was made by Turkey's Financial Crimes Investigation Board (MASAK), the Anadolu news agency said on Saturday.

Binance binance.com

First of Its Kind

The fine imposed on BN Teknoloji was the first of its kind after the authority took on responsibilities to oversee crypto asset service providers in May, the state-owned news agency said, without elaborating on the violations or inspections.

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A Binance spokesperson said the company did not discuss publicly its communications with the authorities and regulators. MASAK could not be reached for comment at the weekend.

Turkey's Anadolu Agency (AA) reported on Saturday that this fine is considered the first of its kind.

New Set of Laws

Turkey had earlier this year put a new set of laws into action regarding cryptocurrency platforms, the Daily Sabah reported.

"These state that the platforms need to track user information among other details, considered a move linked to tax regulations of digital currencies and to prevent money laundering. The financial crimes board ordered this fine after Binance reportedly failed to come forward with the requested information and for therefore not abiding with the law," the report added.