The Financial Crimes Investigation Board (MASAK) has reportedly fined Binance Turkey 8 million lira for an alleged Prevention of Laundering Proceeds of Crime monitoring violation.
According to the announcement, the crypto exchange failed MASAK’s Anti-Money Laundering monitoring audit on how money is acquired through illegal ways.
Also known as AML Law, in the initial phase, MASAK spotted Binance Turkey for violating the rules and regulations set to prevent AML activities in the country. On the other hand, the authority imposed a huge sum of money on Binance Turkey to serve as a deterrent to anyone.
This is unfortunate for Binance Turkey; it has become the first crypto exchange fined by the Turkish government. Additionally, this incident comes at the same time that Turkish incumbent President Recep Tayyip Erdoğan announced that they have completed drafting their crypto law.
As they prepare for the law, the draft still awaits approval from the Parliament. The crypto law will exist to regulate and ensure the smooth running of digital assets in Turkey. It will also make sure that crypto-asset protocols abide by the law of compliance in the country.
At the moment, MASAK is working with the Financial Action Task Force (FATF) to ensure a serene crypto environment, according to former Treasury and Cost Minister, Lutfi Elvan.
Best of all, the crypto law will facilitate a new crypto-economic model to bring the depreciating value of the lira. Erdoğan mentioned that the Turkish lira inflation is not about a mathematical concern but a matter of process.
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Source: Cryptocurrency - investing.com
