Turkish division of Binance fined

The Turkish division of Binance has been fined by the Turkish Authorities in a liability inspection. Let’s find out more about it.

Introduction

The Turkish Authorities, the MASAK (Financial Crimes Investigation Board of Turkey) has found the Turkish division of Binance to be guilty of violations. The authorities found these violations in a liability inspection. Binance now has to pay a fine of 8 million lira or $751,314.

Additionally, the Turkish division of Binance, BN Teknoloji was the first to pay a fine in Turkey after the authorities assumed power to look after crypto exchanges in the May of 2021.

The statements of the news and the Two parties

Binance has not said anything regarding this issue and has kept its mouth shut as of now. A Binance spokesperson revealed that the company has a policy of not discussing openly its communications with the authorities and regulators.

Additionally, the MASAK is yet to release an official statement related to this issue. However, the expectations are that it will be arriving sooner than expected.

The report of this whole ordeal was by the state-owned Turkish media outlet, Anadolu. Anadolu released a statement saying that “The fine imposed on BN Teknoloji was the first of its kind after the authority took on responsibilities to oversee crypto asset service providers in May.”

Turkish Elite and Their opinions on Cryptocurrencies

The President of Turkey Recep Tayyip Erdoğan has previously said that Turkey is in a state of war with cryptocurrency. Additionally, Binali Yıldırım, the deputy chairman of the Justice and Development Party (AK Party), said that “Unfortunately, cryptocurrency also opens the door to grievances. So, it’s something that needs serious control.”

The Turkish Authorities published a set of rules for crypto trading platforms in May. The Turkish Authorities also do not allow the Turkish central bank to use cryptocurrencies for payments.

Conclusion

The Turkish division of Binance has been fined 8 million lira by the Turkish Authorities in a liability inspection. Additionally, this fine is a first after the framework introduction for Crypto regulations by the Turkish government in May.

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