Binance, the Japan-based crypto exchange giant with offices in the United States and a number of other countries around the world, has been fined 8 million lira (approximately $750,000 USD) by the Turkish government, after allegedly violating the regulations of the Eurasian country.
In response to the sanction, Binance revealed in a statement that it is currently working together with the Turkish state in order to support the creation of a sustainable, healthy and safe ecosystem.
The government of President Recep Tayyip Erdoğan has already completed a law to regulate Bitcoin and other crypto assets, reported Turkish newspaper NTV. “We will send it to parliament without delay,” Erdogan announced on December 24th.
The government did not offer any details in regards to the content of the legislation, although everything seems to indicate that the regulations will seek to control the flow of cryptocurrencies, as well as transactions in the country.
At a time when the lira has depreciated to historic levels in recent weeks as a direct result of Erdogan’s messages lowering exchange rates and the financial crisis, the government is seeking to revalue its national currency.
Currently, the lira is trading at 0.087 against the U.S. dollar. Last week, the Turkish currency rallied by more than 20%, after President Erdogan promised that savers would be able to recoup their losses if they maintained their deposits in the national currency.
“Citizens will see that the guarantee of their money is the central bank, the guarantor of the treasury,” Erdogan said during his statements to the specialized economic press on December 24th.
He also announced that Turkey will be transitioning towards a new economic model. “We know that we have risks and opportunities ahead of us. These risks are worth taking.”
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Source: Cryptocurrency - investing.com
