The Financial Crimes Investigation Board (MASAK) announced the imposition of a fine of 750,000 dollars, equivalent to 8 million liras, on the Binance Turkey platform.
The board of inquiry said the fine came after the crypto exchange failed to audit the FSA to monitor anti-money laundering (AML) compliance.
The Financial Crimes Investigation Board, which operates as Turkey's financial intelligence unit under the Ministry of Finance and Treasury, has found cryptocurrency exchange Binance Turkey guilty of violating the laws which aims to prevent the laundering of money acquired through criminal means.
According to the local Anadolu news agency, the council conducted an audit of Law No. 5549 on Prevention of Laundering of Proceeds of Crime, also known as the Anti-Money Laundering Law.
Turkey's anti-money laundering law requires companies to identify and verify customers' personal identification information on the platform, which includes details such as surname, date of birth and T.C. (the equivalent of a social security number in Turkey) and the type and number of identity documents. The law also requires companies to immediately notify the government of suspicious activities within a 10-day period.
As Coin Telegraph Turkey reported, the watchdog imposed the maximum possible administrative fine of 8 million Turkish liras for the alleged violation. Additionally, this timeline also coincides with the day Turkish President Recep Tayyip Erdogan announced the completion of a crypto bill that will soon be submitted to Parliament for approval.
The cryptocurrency law envisions a new economic model that could boost Turkey's efforts to restore the declining value of the lira.
