The local branch of Binance exchange has been fined by MASAK for multiple violations.
According to the news shared by the Anadolu agency, the Turkey branch of the global Binance trading platform, BN Teknoloji, was fined 8 million liras. It was decided that the penalty imposed by MASAK would be cut from 8 million liras, which is the highest limit that can be given against violations of the liability control made by the institution.
With the relevant regulation published in the Official Gazette on May 1, Crypto asset service providers were added to MASAK obligations. After this development, MASAK published the guide on the obligations of crypto service providers on its website.
It is thought that the reason why the penalty was given over the upper limit was that MASAK (Financial Crimes Investigation Board) detected more than one violation by Binance during the audits.
🪙 Binance was fined 8 million TL, which is the upper limit, in the audit conducted by MASAK.
🧑💻The decision has the distinction of being the “first penal sanction” in this areahttps://t.co/DdMUqYYcyo
— AA Economics Finance (@aa_finans) December 25, 2021
According to the guide published on the site, the obligations of crypto asset service providers were determined as suspicious transaction reporting, customer recognition, providing information and documents, continuous information, preservation and submission.
The news was shared by Anadolu Agency earlier today. According to the news source, the fine imposed on the Binance platform was the “first sanction” in this area in Turkey after MASAK started monitoring crypto asset platforms in May this year.
Earlier this year, Binance faced legal challenges from regulators in many countries in Europe as well as Asia. Italy, Germany, Netherlands, Malta, UK etc. Regulatory authorities in countries have stated that Binance is not licensed to offer any cryptocurrency services there.
Alongside these, Binance has also removed crypto-fiat trading in Singapore. The exchange also withdrew its license application to operate in this country due to AML (anti-money laundering) problems with the authorities.