{"id":314983,"date":"2021-12-27T08:43:03","date_gmt":"2021-12-27T13:43:03","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=314983"},"modified":"2021-12-27T08:43:03","modified_gmt":"2021-12-27T13:43:03","slug":"crypto-exchange-giant-binance-to-pay-an-8m-turkish-lira-fine-for-non-compliance","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-exchange-giant-binance-to-pay-an-8m-turkish-lira-fine-for-non-compliance","title":{"rendered":"Crypto exchange giant, Binance, to pay an 8M Turkish Lira fine for non-compliance"},"content":{"rendered":"

Binance has had a rough year in terms of issues surrounding compliance. As the year ends, it now seems like Binance<\/a> is yet to reach the desired level of compliance, with the latest action against the exchange being taken by the Financial Crimes Investigation Board (MASAK).<\/p>\n

MASAK is a unit under Turkey’s Ministry of Finance and Treasury, whose purpose is to collect financial intelligence. The body found that Binance did not fulfil the anti-money laundering (AML) audit.<\/p>\n

Binance fined 8M Turkish Lira<\/h2>\n

Due to lack of compliance with anti-money laundering laws in Turkey, Binance is now required to pay an 8 million Turkish Lira fine, equivalent to around $750,000.<\/p>\n

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A local publication<\/a> noted that the Turkish regulatory body found that Binance was operating in Turkey in violation of the local laws. Hence, the exchange failed to put measures to prevent proceeds obtained through illicit means from being laundered on the platform.<\/p>\n

MASAK conducted an audit under Law No. 5549, also known as the AML law, preventing financial platforms from laundering money obtained from criminal activities. The Turkish AML law requires that firms operating in the financial sector verify customer details. These details comprise names, dates of birth and submit identification documents.<\/p>\n

The AML law also requires that these firms report suspicious transactions to the relevant authorities within 10 days.<\/p>\n

Binance will have to pay the maximum fine of 8 million Turkish Lira for violating the AML laws. Binance is the first crypto firm to be fined by Turkish regulators.<\/p>\n

Turkey to implement a crypto regulatory framework<\/h2>\n

The fining of Binance comes a few days after the President of Turkey, Recep Tayyip Erdogan, announced the completion of a draft on cryptocurrency laws<\/a>. The draft will soon be tabled on the Turkish parliament for voting. The handing over of this bill to the parliament will also bring it closer to implementation.<\/p>\n

The proposed Turkish crypto law formulates an economic model that will enable Turkey to boost the value of the Turkish Lira. The Lira has been depreciating this year. Erdogan has been making an effort to aid in the recovery of the country’s fiat. He has noted that the rising inflation rate is a process that could mean the Lira will achieve growth in the future.<\/p>\n

Speaking on the potential growth, Erdogan noted that, “with this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market.”<\/p>\n

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