Binance Turkey was found guilty of not following the necessary guidelines of Anti-Money Laundering.
Binance is a popular crypto exchange and popularly known as the top-level best crypto exchange. However the services of this exchange are available in multiple countries but in some countries, this exchange is not allowed to provide services, so in a few particular countries, independent arms of Binance exchange are operating their business.
In Turkey, Binance Turkey is doing its business. It is found that Binance Turkey is not following AML guidelines perfectly.
According to a report of a local news media Anadolu Agency, Financial Crimes Investigation Board (MASAK) found that Binance exchange is not following rules and guidelines provided by the regulators to fight against Money Laundering activities.
In the past, MASAk carried out Law No. 5549 for every kind of service to stop illegal activities of Money Laundering. Under this law, all the exchanges needed to identify and verify the individual identification details of the customers on the platform, which includes details like surname, DOB, Turkey equivalent of a social security number, and other types of verification documents. This law also has the provision, if any user is found to be involved or linked with any kind of suspicious activity, to report it to government authorities within 10 days.
Now, Binance Turkey will pay a total of 8 million Turkish Lira, which is equivalent to around $750,000. And with this, Binance became the first-ever crypto business to face any kind of fine among the crypto businesses in Turkey.
Earlier today, Turkey’s president announced that the Crypto regulation bill of Turkey is ready to be introduced in the parliament. And they also stated that they aimed to make Turkey’s economy in the top 10 in the global economy.