Turkey fines Binance 8 million lira while crypto law is ready

Turkey President Recep Tayyip Erdoğan announced that the country’s cryptocurrency law was “ready” and would be presented to the National Assembly “immediately”. Meanwhile, the Commission of Inquiry into Financial Crime Turkey – MASAK), the exchange regulator, has reportedly fined Binance Turkey for violations found during the liability check.

Cryptocurrency Law of Turkey

As reported by ABC Gazetesi, the Turkish President said at a meeting with journalists on Friday that the country’s cryptocurrency law was in effect.

“We’ll be taking it to Congress soon and there are no plans to delay it.”

Following Erdoğan’s announcement, state news agency Anadolu reported on Saturday that MASAK had fined Binance (BN Teknoloji) 8 million lira ($ 751,314):

“The decision to fine BN Teknoloji is the first of its kind after the agency assumed responsibility for overseeing crypto service providers in May.”

Binance Turkey then issued a statement stressing that it is ready to engage and collaborate with regulators and supervisors and “actively follow the ever-changing policies, rules and laws in this new area.” In addition, they also strive to “create a sustainable, healthy and safe ecosystem”.

In September, President Erdoğan announced that was at “war” with cryptocurrencies. In addition, Justice and Development Party (AK Party) vice chairman Binali Yıldırım said:

“Unfortunately there are many complaints about cryptocurrencies. So it has to be strictly controlled. ”

In May, Turkey published several rules for crypto trading platforms in its official gazette after several exchanges such as Thodex and Vebitcoin were investigated for fraud. The Turkish central bank has also banned the use of cryptocurrencies for payments.

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