After the President’s declaration of regulation, while the eyes were turned to the Parliament, another news came from Masak.
MASAK has fined BN Teknoloji company (Binance) 8 million lira, which is the maximum, for violations it has detected in the liability audit.
With the regulation published in the Official Gazette on May 1, crypto asset service providers were connected to MASAK, and MASAK published a guide for service providers.
With the said regulations, obligations such as knowing your customer, suspicious transaction reporting, providing information and documents were imposed on crypto asset service providers.
While it is not known whether a violation decision has been made against other crypto currency exchanges, it is noteworthy that the penalty is a first in Turkey.
The decision came just after President Erdogan’s statement that the regulations are ready and we will send it to the parliament.
Erdogan has used the phrase “we are at war” with cryptocurrencies in recent months.