Turkey fines Binance for violating Turkey’s anti-money laundering law

<p>Binance Turkey has been fined 8 million lira (approximately $750,000) by the country's Financial Crimes Investigation Board (MASAK).</p> <p>Binance's Turkish subsidiary has been fined millions of lira for failing to comply with the country's anti-money laundering (AMLA) regulations. This is the first time Turkish authorities have imposed a fine of this magnitude on a cryptocurrency platform operating in the country.</p> <p>According to CNBC, Turkey's Financial Crimes Investigation Board (MASAK) has fined Binance Turkey 8 million lira (approximately $750,000). Turkish authorities fined the crypto exchange's local subsidiary for violations discovered during liability inspections.</p> <p>According to Cointelegraph, the Financial Crimes Investigation Board (MASAK) conducted an audit to determine compliance with Law No. 5549 on the Prevention of Proceeds of Crime, also known as the AML Law. The MASAK, Turkey's financial intelligence unit, which reports to the Ministry of Finance and Treasury, stated that Binance Turkey violated laws intended to prevent the laundering of funds obtained through criminal activity.</p> <p>Under Turkey's anti-money laundering legislation, businesses are required to verify customers' personal identification information, including their surname, T.C. identification number, date of birth, and the number and type of identity documents presented. Additionally, businesses are required to report any suspicious activity to authorities within ten days.</p> <p>For Binance Turkey's violation, the financial intelligence unit imposed the maximum fine permitted by law of 8 million lira. This decision also marks the first time a crypto exchange has been fined for this type of violation.</p> <p>MASAK collaborates closely with the intergovernmental Financial Action Task Force (FATF) in the fight against terrorist financing and money laundering. As such, an arrangement exists under which MASAK reports transactions exceeding 10,000 lira in value to the global regulator within ten days. "The FATF has