Turkish regulator fines Binance’s local unit $750,000

The Turkish Financial Crimes Investigation Board (MASAK) fined Binance’s local unit. Reuters reports, citing the Turkish Anadolu Agency.

The fine amounted to 8 million lira (about $750,000 at the time of writing). The violations of the trading platform identified during the inspection formed the basis.

According to the outlet, this is the first such penalty since Turkish authorities assumed oversight of cryptocurrency service providers in the country.

In May, MASAK obliged bitcoin exchanges to notify transactions by users exceeding the 10,000-lira threshold (about $935). In April, the Turkish central bank banned the use of cryptocurrencies as a form of payment.

In July, the media reported that the Ministry of Finance and the Treasury announced the completion of work on a bill regulating digital assets.

On December 25, President Recep Tayyip Erdoğan said that the crypto bill was ready and would be sent to Parliament soon. He did not disclose details of the bill, according to NTV.

Earlier, in September Erdoğan said he would crack down on cryptocurrencies. In that statement, the Turkish president explained that the country would not facilitate the spread of private digital assets and would continue to use its own currency.

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