Cryptocurrency News & Updates

Binance Fined By Turkish Authorities on Multiple Violations, Here’s What’s Happening

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Local branch of Binance exchange has been fined by Turkish MASAK

According to a Reuters article, the Turkish branch of the global Binance trading platform has been fined for 8 million lira (equal to slightly over $750,000). The reason is that MASAK (a state agency that investigates financial crimes in Turkey) has found multiple violations by Binance in this country during inspections.

The news was shared by the local state-owned news company Anadolu. According to the news source, this is the first fine imposed on Binance platform in the country after MASAK began to watch over crypto asset platforms in May this year. No details regarding any particular inspections or violations made by BN Teknoloji were revealed yet, though.

Earlier this year, Binance faced legal issues from regulators in multiple countries in Europe, as well as Asia. Regulatory authorities in Italy, Germany, the Netherlands, Malta, UK, etc, stated that Binance had no license to offer any cryptocurrency services there.

Binance also removed crypto-fiat trading in Singapore. As reported by U.Today recently, the exchange withdrew a filing to obtain a license to operate in this country due to AML issues with the authorities.

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