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).
Turkey fined for Binance
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. Anadolu Agency reports that MASAK has audited Law No. 5549 on Prevention of Laundering Proceeds of Crime also known as AML Law.
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Companies are required by the Turkish Anti-Money Laundering Law to verify and identify customers’ personal information on the platform. This information includes surnames, dates of birth, T.C., etc. Turkish anti-money laundering law requires companies to identify and verify the personal identification information of customers on the platform. This includes surname, date of birth, T.C. and type of documents. The regulation states that businesses are required to report suspicious activity to authorities within a period of 10 days.
According to Anadolu the sentence on BN Teknoloji was the first ever issued since May, when the government took responsibility for monitoring crypto assets service providers. The news agency did not provide any further information about the inspections or violations.
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The Regulators Have a Long Record Of Misfortune
Binance has faced a lot of scrutiny because it is the largest and oldest cryptocurrency exchange. Binance was created in China in 2017, but had to shift to Japan the following year due to China’s tougher attitude on the cryptocurrency business.
The exchange has been under scrutiny for many years. But 2021 was more thorough. Binance has been the subject of several regulatory investigations. These include orders that Binance cease operations and restrictions regarding its services.
Japan, Italy and Germany are just a few of the nations that tried to regulate the important exchange. Binance’s reaction to the restrictions has been mostly favorable, and they appear to have recovered. It is clear that the exchange plans to set up offices all over the globe in order to interact more effectively with authorities.
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