Binance Turkey was reportedly fined 8 million lira by the Financial Crimes Investigation Board (MASAK) for allegedly violating the Prevention of Laundering Proceeds of Crime monitoring system.
According to the announcement, the crypto exchange failed MASAK’s Anti-Money Laundering monitoring examination on how money is obtained through unlawful means.
MASAK detected Binance Turkey for breaking the norms and regulations to combat AML operations in the country during the early phase of the law, also called AML Law. On the other hand, the authority levied a large sum of money on Binance Turkey as a deterrent to anyone.
Binance Turkey has become the first crypto exchange to be fined by the Turkish government, which is sad. Furthermore, this incidence occurred when Turkish President Recep Tayyip Erdoan stated that the country’s crypto law had been finished.
The draft is still awaiting approval from Parliament as they prepare for the law. In Turkey, a crypto law will be in place to govern and ensure the seamless operation of digital assets. It will also ensure that crypto-asset protocols follow the country’s compliance laws.
According to former Treasury and Cost Minister Lutfi Elvan, MASAK is currently working with the Financial Action Task Force (FATF) to create a peaceful crypto environment.
Best of all, the crypto law will make it easier for a new crypto-economic model to replace the lira’s declining value. The Turkish lira inflation, according to Erdoan, is a process rather than a mathematical worry.