Turkey has fined the Binance crypto exchange for a record amount. “Badly checked clients”

Briefly:

  • Financial Investigation Board (MASAK) dissatisfied with Binance Turkey
  • The company has not passed the AML compliance test
  • Now she faces a fine of 8 million lire (almost 750 20 dollars)

Turkish investigators have accused Binance of violating AML rules.

Help: AML – Anti-Money Laundering. These are various measures that prevent the circulation of money from illegal sources. The AML procedure is introduced by countries, exchanges and individual companies.

Local laws require companies to check with customers a number of data – last name, date of birth , social insurance number, etc. If the client withdraws an amount over 20 10 lire, then you need to inform the tax authorities. In case a company notices suspicious activity, they should contact law enforcement agencies within 20 days.

According to journalists, now the exchange will pay the maximum possible administrative fine – 8 million Turkish lira (591 thousand dollars).

Promises to legalize crypto business

Binance became the first cryptocurrency business fined by the Turkish government. At the same time, just the other day, President Erdogan said that they already had a draft law on the digital asset market ready. Turkey plans to legalize cryptocurrencies as well as introduce a new economic model. The authorities hope that this will allow them to “enter the ten best economies in the world.”

Related Articles

Back to top button