Binance Fined $750K in Turkey for AML Violations
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Binance was recently fined in Turkey for violating the region’s anti-money laundering laws. The exchange has to pay 8 million Lira, equalling around 750,000 dollars for the violation. MASAK, the Financial Crimes Investigation Board of Turkey, audited the case.
The fine equals the highest possible administrative charge for the offense. As soon as the nes came out, traders in the region looked for Binance reviews to understand how it operates.
Turkish authorities relayed the news in a report stating that Binance’s Turkey chain is charged with the violation of Law 5549. The case involves several clauses, with most of them belonging to Turkey’s “Law on Prevention of Laundering Proceeds of Crime.” As per the regulators, Binance’s proceedings within the region failed to verify and identify the identification of the customers.
This is the first time any cryptocurrency business has been fined in the region. The policy states that the details must include dates of birth, surnames, identity-related documents, and a social security number provided by legal authorities.
As per the law, ventures like Binance exchange that fall under the financial technology category need to notify the authorities about any irregular or suspicious activity. The time frame to do so is 10 days, while the amount involves transactions above 10,000 Lira.
MASAK, Turkey’s financial intelligence unit, handles the monitoring of suspicious trades that
May lead to:
- Terrorism financing
- Money laundering
- Other financial crimes
The organization runs directly under the Ministry of Finance and Treasury’s supervision. Lufi Elvan, former Treasury and Cost Minister of Turkey, is working with a worldwide regulatory agency, Financial Action Task Force to regulate terrorist financing and money laundering.
Lufi stated that the FATF has asked to place measures against cryptocurrency trading platforms.
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