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Government Fines Binance Turkey for Failing to Stop Money Laundering

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Binance Turkey has been fined 8 million Lira over non-compliance to the country’s money-laundering laws.

The Financial Crimes Investigation Board (MASAK) determined that the world’s famous cryptocurrency exchange in the country is violating anti-money laundering laws. In light of this Binance turkey was charged a fine of 8 million Turkish Lira which is close to $750,000.

MASAK scrutinized Binance exchange’s compliance with AML laws. The exchange failed to meet the standards preventing money laundering.

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Turkish financial watchdog works with Turkey’s Ministry of Finance and Treasury. It carried out an audit of law regarding Prevention of Laundering Proceeds of Crime or AML Law. Binance was found guilty of violating the particular law in its operations.

AML laws in Turkey make it binding on the companies to verify the identity information including surname, date of birth, T.C identification number along with the type and number of identity documents. Moreover, the companies must inform the government if they observe any suspicious activity from any customer’s end within a ten-day timeframe.

The Turkish government is skeptical of crypto operations in the country. President Erdogan has completed a crypto draft law which is due to be presented in the parliament for approval.

The penalty of 8 M Lira is the maximum possible fine imposed by MASAK. In addition, Binance is the first-ever company to get fined by the Turkish Government.

MASAK is associated with the international Anti-Money laundering watchdog FATF or Financial Action task Force. Apparently, FATF coaxed MASAK to take action. “FATF has asked for measures to be taken against crypto trading platforms,” said the former Treasury and Cost Minister Lutfi Elvan.

The financial regulator has also told Binance Turkey to report any transaction which exceeds 10 thousand Lira within 10 days.

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