A Cryptocurrency Exchange Has Been Penalized For The First Time In Turkey

Cryptocurrencies It would not be wrong to say that it has become quite popular in recent years. Millions of people around the world buy cryptocurrencies and believe these decentralized digital assets are the ‘future’. However, many countries and authorities are constantly voicing their concerns about cryptocurrencies and trying to take measures in this regard.

In a news we shared yesterday, President Recep Tayyip Erdoğan cryptocurrency law We mentioned that it was ready and announced that it would be sent to the parliament. Now, the first penalty for crypto money platforms has come from Turkey. According to the news, Binance, the world’s largest cryptocurrency exchange in terms of transaction volume, has been fined.

Binance fined 8 million lira

According to the information obtained by Anadolu Agency Financial Crimes Investigation Board (MASAK)Binance, the leading cryptocurrency exchange, has been fined 8 million lira, which is the upper limit, for violations detected in the liability control. It was also among the statements made that this decision was the ‘first penal sanction’ for crypto money platforms.

In the regulation published in the Official Gazette on May 1, crypto asset service providers joined MASAK obliged parties. In addition, MASAK also shared a guide for companies that provide crypto money services from their websites. In this guide; recognition of the customer, suspicious transaction reporting, providing information and documents, providing continuous information, and preservation and submission. It was stated that crypto platforms will be among the obligations. The giant exchange Binance was also found to have violated these obligations in the examinations.