Binance Turkey unit Slapped With TRY 8 Million For Violations Of Digital Currency Laws
34228-Dec-2021
Binance Turkey’s Unit has been found guilty of the violations of showing non-compliance with Turkey’s digital currency laws related to customer information.
Turkey’s Financial Crimes Investigation Board (MASAK) imposed a fine of 8 million Turkey’s money to the company and the violations have been made by the company related to Turkey’s digital currency laws related to customer information.
Highlighted Facts
- Binance is the company and it operates under the name of BN Teknoloji in Turkey.
- Fine about 5 crores have been imposed in the company which is 5 million in Turkey currency.
- The president of Turkey also gave a hint to legalize the crypto space.
Read More: 17,000 Crypto Coins Owner Michael Saylor, MicroStrategy CEO Stash The Surge in Bitcoin: Report
During an investigation by Turkey’s Financial crimes investigation Board, the company Binance has been found guilty under the violations of the laws that were made by the Turkey government for Cryptocurrency in the digital form.
In Turkey, the company is working under the name of BN Teknoloji, and at the current time, neither the Company BN Teknoloji nor MASAK has announced the news to the public.
Also, the Reuters report said that the company Binance also has been accused of giving the information of customers related to money laundering. These violations come under the newly made laws by Turkey’s Government.
This fine is seen to be the first of its kind and the Turkey government also planned to legalize and customize the cryptocurrency and the crypto service providers in May.
The development in the digital currency is seen after the becoming of new president Recep Tayyip Erdogan. He supported in the favor of making new laws and the
introduction of a new bill in the house in the matter of legalization of cryptocurrency use in the country.
Interesting fact
As per the report published by Turkey’s Information Technologies and Communication Authority (ICTA), the estimation of the Cryptocurrency users in the country is about -2.4 million in the overall population of the country which is about 3% of the total population.
Updated on 28-Dec-2021
