Turkey slaps Binance with 8M lira fine, first on crypto platform


Turkey’s Financial Crimes Investigation Board (MASAK) slapped cryptocurrency exchange Biance with a fine of the maximum amount of 8 million Turkish lira ($750,000) for running afoul of the country’s new regulations.

According to a report by Anadolu Agency (AA) Saturday, this fine is considered the first of its kind.

Turkey had earlier this year put a new set of laws into action regarding cryptocurrency platforms.

These state that the platforms need to track user information among other details, considered a move linked to tax regulations of digital currencies and to prevent money laundering.

The financial crimes board ordered this fine after Binance reportedly failed to come forward with the requested information and for therefore not abiding with the law.

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