The official Financial Crimes Investigation Board of Turkey (MASAK) has handed cryptocurrency exchange Binance a fine of the maximum amount of TL 8 million ($750,000). The fine has been handed out to the exchange for disobeying the country’s new regulations.
According to reports on Saturday, this fine is considered the first of its kind to be given out to a major exchange.
Turkey had earlier this year put a new set of laws into action regarding cryptocurrency platforms and offerings.
The Turkish laws clearly state that the platforms need to track user information among other details. This was initially considered to be a move linked to tax regulations of digital currencies and to prevent money laundering.
The financial crimes board ordered the fine after the crypto exchange reportedly failed to come forward with the required customer information and was therefore not following the law.
Meanwhile, on Friday, President Recep Tayyip Erdoğan said that Turkey will soon take further steps regarding cryptocurrencies, which have become an issue of concern for many governments and central banks around the globe.
A law on cryptocurrencies has been proposed by the Turkish government and will soon be discussed at the national assembly. Erdoğan revealed the update during a meeting with the press in Istanbul where he also made statements on Turkey’s new economic model and finance model.
The already growing crypto boom in Turkey further gained pace throughout the year as investors joined a global rally in Bitcoin, hoping to gain from the cryptocurrency’s rise to shelter against inflation.
The use of Bitcoin as an inflation hedge has been noted by traders around the globe. As a result, many central banks are acting to create crypto regulations that will aim to make the trading, holding and issuing of cryptocurrencies more secure.
