Binance Troubles Enters Xmas, Exchange Fined 8M Lira over Multiple Infringements

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).

Binance Turkey Fined

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. According to Anadolu Agency, MASAK audited Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law.

BNB/USDT trades at $543. Source: TradingView

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 report the authorities of questionable activity within a 10-day period, according to the regulation.

The sentence issued on BN Teknoloji, according to Anadolu, was the first of its kind since the government assumed responsibility for overseeing crypto asset service providers in May. The news organization did not disclose any additional information on the violations or inspections.

Related article | Binance ’s Road To Compliance Continues With A List Of Rights For Crypto Users

Long History Of Woes With Regulators

Binance, being one of the oldest and largest cryptocurrency exchanges, has been subjected to a great deal of regulatory scrutiny. 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.

While authorities have scrutinized the exchange over the years, 2021 put it through the wringer. Several regulators have taken action against Binance, ranging from orders to shut down its operations to restrictions on the services it can provide.

The United States, the United Kingdom, Italy, Germany, Poland, the Netherlands, Malta, Singapore, and Japan are among the countries that have tried to regulate the prominent exchange. Binance’s reaction to the restrictions has been mostly favorable, and they appear to have recovered. The fact that the exchange has indicated intentions to open offices throughout the world to better interact with authorities is indicative of this.

Related Reading | Binance CEO Changpeng Zhao States, “Compliance Is A Journey.”

Featured image from Global Crypto, chart from TradingView.com

Source

Related Posts

Binance Has Been Witholding Information From Regulators, Claims Reuters

Binance Has Been Witholding Information From Regulators, Claims Reuters

Changpeng Zhao. Source: video screenshotWhilst claiming that it welcomes regulatory oversight, major crypto exchange Binance was acting against those same regulators, Reuters reported today.Reuters says it conducted “dozens” of interviews with former senior employees of the exchange, as well as advisers and business partners, and that it reviewed numerous documents, including internal company messages and…

Binance to Establish a Crypto Exchange in Thailand (Report)

Binance to Establish a Crypto Exchange in Thailand (Report)

The world’s leading digital asset platform – Binance – has reportedly collaborated with the Gulf Energy Development PCL – owned by the Thai billionaire Sarath Ratanavadi. The main goal is to set up a cryptocurrency exchange in the Southeast Asian state. Establishing a Crypto Platform in Thailand Thailand has recently positioned itself in the spotlight…

Axie Infinity (AXS) Continues to meltdown – Should you buy it?

Axie Infinity (AXS) Continues to meltdown – Should you buy it?

Metaverse and gaming tokens haven’t had the smoothest of rides in the market over the last few weeks. Axie Infinity (AXS) is not any different in fact, the token has been seeing an unhinged meltdown that has sent the price crashing. But should you buy this dip? Can AXS rebound soon? Here are some highlights…

What to expect next after Axie Infinity trades over a strong demand area

What to expect next after Axie Infinity trades over a strong demand area

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice On a short-term basis, Axie Infinity has seen some demand step in around the $68-$70 area. This is an important demand zone, stretching all the way south to $64. It is not yet clear whether…