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As the financial intelligence department of the Ministry of Finance, the Financial Crime Investigation Commission (Cook) Has imposed a fine of 8 million lire on Binance Turkey Encrypted exchangeThe Cryptocurrency Center received attention after the failed audit of the anti-money laundering (AML) program conducted by the investigative committee. News reports indicate that MASAK conducted an audit of Law No. 5549, focusing on the prevention of money laundering criminal proceeds or anti-money laundering laws.
The audit inspection of the Financial Crime Investigation Commission found that there were problems with the operations adopted by the cryptocurrency exchanges. These functions violate laws that prevent money laundering of funds pooled through illegal sources.
Turkish anti-money laundering law requires companies to identify and verify the personal information of investors working on their respective portals. The company needs to verify the customer’s surname, date of birth, TC identification number, and other important identification document types and numbers. These companies need to notify the authorities of the wrong investment within 10 days.
The financial regulator has imposed an administrative fine of up to 8 million Turkish Lira on Binance Turkey, which is equivalent to USD 75,000 for violating the law. Binance Turkey is the first crypto entity to be punished by Turkish financial regulators. MASAK is cooperating with the Financial Action Task Force of the global financial regulator. The strict actions taken against Binance Turkey reflect MASAK’s measures in sync with FATF guidelines. The organization plans to report transactions worth more than 10,000 lire within 10 days.
The distinguished Turkish President Recep Tayyip Erdoğan recently confirmed that the authorities have completed the enactment of the encryption law. The law will soon be submitted to Parliament for implementation across the country. The decree will help the government restore the value of the lira’s plummet, and as financial experts take substantial measures, the lira may increase.
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