Home News Turkish crypto regulator fined Binance for 8M lira

Turkish crypto regulator fined Binance for 8M lira

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Turkey’s Financial Crimes Investigation Board (MASAK) has fined the local unit of Binance cryptocurrency exchange. Reuters with reference to the Turkish edition of Anadolu reported this.

Thus, the amount of the fine was 8 million liras (about $750,000 at the exchange rate at the time of writing). Moreover, the basis was violations of the trading platform detected during the audit.

According to the publication, this is the first fine imposed after the Turkish authorities assumed the duties of supervising cryptocurrency service providers in the country.

Banning the use of cryptocurrencies as a form of payment

Earlier in May, MASAK ordered Bitcoin (BTC) exchanges to notify users of transactions exceeding the limit of 10,000 liras (about $940).

In April, the Central Bank of Turkey banned the use of cryptocurrencies as a form of payment. Among the reasons for the decision, according to local journalist Ragip Soylu; the agency cited the lack of regulation and a central management body; volatility, use for illegal purposes and the risk of theft.

Later in July, the media reported that the Ministry of Finance and Treasury of the country announced the completion of work on a bill on the regulation of digital assets. Deputy Finance Minister Şakir Ercan Gül said that the authors of the initiative relied on Europe and the US experience. But focused “on a more rigid structure”. According to him, the objectives of the bill are to protect investors; and combat the use of digital currencies in illegal activities.

Cryptocurrency law is ready

On December 25, Turkish President Recep Tayyip Erdoğan said that the document on cryptocurrencies is ready. Also, will soon be sent to parliament. He did not disclose the details of the bill, according to NTV.

Recall that in September, Erdoğan announced the fight against cryptocurrencies. Then the Turkish president explained that the country would not promote the spread of private digital assets, but would continue to use its own currency.

“We have no intention of adopting cryptocurrencies. On the contrary, we have a defensive fight, a separate war against them. Cryptocurrencies would never receive our backing. We will move forward with our own money, which will have its own identity.” Said the president.

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