Binance Turkey bags 8M lira fine for flouting Anti-money laundering rules

Binance Turkey has landed in the hot water of the Financial Crimes Investigation Board (MASAK) for breaching Anti-Money Laundering (AML) compliance rules.

The financial watchdog ordered the Turkish division of Binance to pay a fine of eight million lira (around $750,000). MASAK found Binance Turkey guilty of defaulting Law No. 5549 on Prevention of Laundering Proceeds of Crime (otherwise known as the AML rule).

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Under the AML law, firms are mandated to complete KYC (Know Your Customer) registration for all their clients and report any dubious activities to the government within ten days. Turkey President Recep Tayyip Erdoğan recently sent a new crypto bill to the house of Parliament as more people embraced digital currencies to curtail the decline of the lira.

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