The Financial Crime Investigation Council (MASAK) has fined Binance Turkey $ 8 million (roughly $ 750,000) after the crypto exchange failed an anti-money laundering (AML) financial supervisory audit.
The Financial Crime Investigation Council (MASAK), which is the financial intelligence unit of Turkey under the Ministry of Finance and Finance, has found the Turkish cryptocurrency exchange Binance guilty of violating laws aimed at preventing money laundering. According to the local news agency Anadolu, the agency has audited Law No. 5549 on the Prevention of Money Laundering from the Proceeds of Crime, also known as the Anti-Money Laundering Law.
Turkey’s Anti-Money Laundering Law requires companies to identify and verify customers’ personally identifiable information on the platform, which includes details such as last name, date of birth and T.C. Identity number (in Turkey corresponds to the social security number), as well as the type and number of identity documents. The law also requires companies to notify authorities of suspicious activity within 10 days.
According to Cointelegraph Turkey, the IAEA imposed a maximum administrative fine of 8 million Turkish lira for the alleged violation. In addition, this timetable also coincides with the day President Erdogan announced the completion of a cryptocurrency bill that will soon be submitted to parliament for approval.
With this, Binance will also become the first crypto company fined by the Turkish government. In addition, according to former Finance Minister Costa Lutfi Elvan, MASAK works closely with the Financial Action Task Force (FATF), the global regulator of money laundering and terrorist financing:
“FATF Calls For Action Against Cryptocurrency Exchange.”
In line with this request, MASAK also agreed to report transactions in excess of 10,000 liras within 10 days.
RELATED: President Erdogan Confirms Turkey’s Cryptocurrency Law Ready For Parliamentary Consideration
Turkish President Recep Tayyip Erdogan has confirmed the completion of work on the cryptocurrency law, which will soon be submitted to parliament for mass adoption.
According to Cointelegraph, the crypto law provides for a new economic model that could support Turkey’s efforts to recover from the falling lira value. Erdogan also said that the recent inflation of the Turkish lira is not related to mathematics, but from a practical point of view, which indicates the possibility and potential of a rise in the value of the lira:
“With this understanding, we intend to send him to a dry place. But the exchange rate will find its place in the market. “