Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Binance Turkey was fined 8 million lira for failing to comply with anti-money laundering regulations

Binance Turkey fined 8M lira for non-compliance against money laundering
Binance Turkey fined 8M lira for non-compliance against money laundering

Listen to the article now

Binance Turkey was found to have broken the Law on the Prevention of Laundering Proceeds of Crime, also known as the AML Law, by MASAK.

Binance Turkey was fined 8 million lira (nearly $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 unit under the Ministry of Finance and Treasury, found Binance’s Turkey operations in violation of laws designed to prevent the laundering of money obtained through illegal means. MASAK audited Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law, according to local news agency Anadolu Agency.

The Turkish Anti-Money Laundering Law requires companies to identify and verify the personal identification information of customers on the platform, which includes information such as surname, date of birth, T.C. identification number (the Turkish equivalent of a social security number), and type and number of identity documents. Businesses must also notify the government of suspicious activities within a 10-day period, according to the law.

Read more on: Binance is shutting down its cryptocurrency exchange in Singapore

The watchdog, according to Cointelegraph Turkey, imposed the maximum administrative fine of 8 million Turkish lira for the alleged violation. This timeline also coincides with President Erdoan’s announcement of the completion of a crypto law draft, which will be sent to Parliament for approval soon.

Binance is now the first cryptocurrency company to be fined by the Turkish government. According to former Treasury and Cost Minister Lutfi Elvan, MASAK works closely with the Financial Action Task Force (FATF), a global regulator against money laundering and terrorist financing:

“The FATF has requested that action be taken against cryptocurrency trading platforms.”

In response to this request, MASAK has agreed to report transactions worth more than 10,000 lira within 10 days.

Recep Tayyip Erdoan, Turkey’s president, confirmed the completion of a crypto law, which will be handed over to Parliament for mainstream implementation soon.

According to Cointelegraph, the crypto law envisions a new economic model that can aid Turkey’s efforts to restore the lira’s depreciating value. Erdoan also stated that the recent inflation in the Turkish lira is not due to mathematics, but rather to a process, implying that the lira’s value growth is possible and possible:

“We intend to channel it to a dry spot with this understanding.” The exchange rate, on the other hand, will set its own price on the market.”

Comment Template

You May Also Like

Business

Hims & Hers Health reported strong Q4 2024 revenue growth, surpassing expectations, but its stock fell 18% due to margin concerns and regulatory scrutiny...

Business

The Saver’s Credit helps low- and moderate-income earners reduce their tax bill while saving for retirement. Many eligible taxpayers miss out due to low...

Business

President Trump confirmed tariffs on Canada and Mexico will proceed as planned, emphasizing the need to protect U.S. industries. Despite concerns over trade relations...

Business

Nvidia's Q4 2025 earnings report, set for February 26, will highlight its AI market position amid competition from DeepSeek. Despite stock fluctuations and Blackwell...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok