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Turkey slaps Binance with $750,000 fine as country’s crypto law readies for parliament

Turkey slaps Binance with $750,000 fine as country's crypto law is ready for parliament

Turkish regulators have fined local cryptocurrency exchange Binance after allegedly showing non-compliance with digital currency laws related to customer information. 

The exchange that operates under BN Teknoloji was fined 8 million Turkish lira ($750,000) by Turkey’s Financial Crimes Investigation Board (MASAK), which is the agency’s first punitive measure since it began overseeing the crypto sector, Reuters reports

The exchange allegedly violated various regulations that emerged during the liability inspections. Notably, Binance is accused of failing to provide customer information related to money laundering in line with new laws enacted earlier in the year. 

In April, regulators notified exchanges operating in Turkey that they will be required to share user information mainly linked to tax regulation of digital currencies. According to the ministry of finance, the MASAK would use the information for various aspects such as tracking and preventing crime. 

New crypto law set for parliament 

The fine emerges as cryptocurrencies continue to grow in popularity among Turkish residents and the government has taken several measures to regulate the sector, resulting in a new crypto law draft.

President Recep Tayyip Erdoğan is reported to have confirmed the draft law will now move to the country’s parliament, according to local media outlet NTV. 

Notably, residents view cryptocurrencies as a haven due to the declining value of the Turkish lira even as President Erdoğan moves to implement a new economic model.

With the growing importance of cryptocurrencies among the population, leading financial sector players have also ruled out the possibility of a complete crypto ban. As previously reported by Finbold, Central Bank Governor Sahap Kavcioglu noted that although the country had outlawed crypto payments, the same will not be extended to digital assets.

The bank cited that the ban on crypto payment was partly due to a lack of regulatory framework. However, it is still unclear if crypto-based payments will be allowed under the new proposed law. 

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