Turkish Regulator Fines Binance $750K
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Binance is facing another regulatory blow as Turkey’s Financial Crimes Investigation Board (MASAK) has slapped an 8 million lira (around $750,000) fine on the local unit of the cryptocurrency exchange.
First reported by the state-owned media agency Anadolu, the penalty came as the Turkish operation of Binance allegedly violated local anti-money laundering laws. The lapses surfaced after MASAK carried out an audit of Law No. 5549 on the Prevention of Laundering Proceeds of Crime on the
exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term.
The Turkish anti-money laundering law requires platforms to verify all customers and store their personal data, including local identity numbers. In case of any suspicious activities, businesses need to report to the authorities within ten days.
However, Binance refrained from providing any details on the fine saying it does not publicly discuss its communications with the authorities and regulators.
Moreover, the report highlighted that the penalty on Binance was the first such action against any cryptocurrency business in the country. In addition, it indicates the Turkish regulator’s change of focus on the growing local cryptocurrency industry.
The action against Binance conceded with a Turkish draft law on cryptocurrency regulations that will be sent to the parliament by President Recep Tayyip Erdoğan.
Binance vs Regulators
Furthermore, Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against the cryptocurrency exchange for illegally offering services in the country, Finance Magnates reported earlier.
Binance is facing another regulatory blow as Turkey’s Financial Crimes Investigation Board (MASAK) has slapped an 8 million lira (around $750,000) fine on the local unit of the cryptocurrency exchange.
First reported by the state-owned media agency Anadolu, the penalty came as the Turkish operation of Binance allegedly violated local anti-money laundering laws. The lapses surfaced after MASAK carried out an audit of Law No. 5549 on the Prevention of Laundering Proceeds of Crime on the
exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term.
The Turkish anti-money laundering law requires platforms to verify all customers and store their personal data, including local identity numbers. In case of any suspicious activities, businesses need to report to the authorities within ten days.
However, Binance refrained from providing any details on the fine saying it does not publicly discuss its communications with the authorities and regulators.
Moreover, the report highlighted that the penalty on Binance was the first such action against any cryptocurrency business in the country. In addition, it indicates the Turkish regulator’s change of focus on the growing local cryptocurrency industry.
The action against Binance conceded with a Turkish draft law on cryptocurrency regulations that will be sent to the parliament by President Recep Tayyip Erdoğan.
Binance vs Regulators
Furthermore, Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against the cryptocurrency exchange for illegally offering services in the country, Finance Magnates reported earlier.
Cryptocurrency
