Binance, the world’s largest cryptocurrency exchange by trading volume, is still dealing with regulatory issues in 2021. According to a Reuters story, the country’s Financial Crimes Investigation Board has fined Binance’s Turkish affiliate, BN Teknologi, an 8 million lira (about $751,314) penalties (MASAK).
Binance Turkey Fined
Binance Turkey was fined 8 million lira (almost $750,000) by the Financial Crimes Investigation Board (MASAK) after failing the financial watchdog’s audit for monitoring Anti-Money Laundering (AML) compliance.
The Financial Crimes Investigation Board (MASAK), Turkey’s financial intelligence branch under the Ministry of Finance and Treasury, found Binance’s Turkey operations in violation of rules designed to prohibit the laundering of money obtained through illegal methods. According to Anadolu Agency, MASAK audited Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law.
BNB/USDT trades at $543. Source: TradingView
The Turkish Anti-Money Laundering Law requires companies to identify and verify the personal identification information of customers on the platform, which includes information such as surname, date of birth, T.C. identification number (the Turkish equivalent of a social security number), and type and number of identity documents. Businesses must also report the authorities of questionable activity within a 10-day period, according to the regulation.
The sentence issued on BN Teknoloji, according to Anadolu, was the first of its kind since the government assumed responsibility for overseeing…