Turkish MASAK imposed a fine of 8 million lire on Binance Turkey, accusing it of violating the anti-money laundering law

Binance Turkey was fined 8 million lire for allegedly violating local anti-money laundering laws. This will serve as a punishment for other illegal means of obtaining funds.

According to reports, the Turkish Financial Crime Investigation Commission (MASAK) imposed a fine of 8 million liras on Binance Turkey on the grounds that the company was suspected of violating relevant provisions of anti-money laundering.

According to the announcement, the cryptocurrency exchange failed to pass MASAK's anti-money laundering monitoring audit on how to obtain funds through illegal means.

In the initial stage, MASAK discovered that Binance Turkey violated the rules and regulations established to prevent the country's anti-money laundering activities. On the other hand, the agency imposed a huge sum of money on Binance Turkey as a deterrent to all practitioners.

This is unfortunate for Binance Turkey; it has become the first cryptocurrency exchange to be fined by the Turkish government. In addition, at the same time that this incident occurred, the current President of Turkey, Recep Tayyip Erdogan, announced that they had completed the draft of the cryptocurrency law.

While they are preparing the law, the draft is still awaiting approval by Parliament. The existence of the cryptocurrency law is to regulate and ensure the smooth operation of digital assets in Turkey. It will also ensure that the crypto asset agreement complies with the country's compliance laws.

Former Finance and Cost Minister Lutfi Elvan stated that MASAK is currently working with the Financial Action Task Force (FATF) to ensure a peaceful cryptocurrency environment.

"FATF has requested measures against cryptocurrency trading platforms."

Most importantly, the encryption law will promote a new encryption economic model, leading to a depreciation of the lira. Erdogan mentioned that Turkish lira inflation is not a concern about numbers, but a process issue.