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27th December 2021


MASAK has fined Binance, a crypto exchange platform with 8M Lira ($750,000) for non-compliance with Turkey's anti-money laundering laws. MASAK carried out an audit of Law No. 5549 on the Prevention of Laundering Proceeds of Crime, also known as the AML Law. The AML laws of Turkey require the complete identification of an individual that is performing an exchange. It requires identification proof such as national Id verification which is T.C. identification number, surname, date of birth, and several other identity documents. 


Binance becomes the first crypto business in Turkey to get fined by the Turkish government. MASAK is working closely to find out the issue of this act that led to money laundering and incompetency of Binance to detect those. MASAK has also agreed to report transactions that exceed the value of 10 thousand Lira within ten days.


With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its price on the market, said Turkey's President Recep Tayyip Erdoğan. He also said a complete crypto law that will be handed over to the parliament for future money laundering preventions. 


Cointelegraph reported that Turkey's crypto law envisions a futuristic economic model that can boost its efforts to restore the Lira's depreciating Erdoğan says the recent increase in Turkish Lira's value is not related to mathematics, but to processes, suggesting that the lira's value could grow in the future.


Source: Cointelegraph

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