Turkey's regulator has conducted an inspection of Binance
It resulted in a $750 000 fine for the local stock exchange unit
27.12.2021 - 08:40
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What’s new? As reported by the Reuters international agency, the Turkish authorities have conducted a large-scale inspection of the Binance trading platform. Based on its results, it was decided to fine the exchange for $750 000.
What violations were found? According to the representatives of the Financial Crimes Investigation Board (MASAK) of Turkey, the exchange had not complied with the regulator's reporting requirements. For example, the local laws require the crypto trading platforms to notify MASAK of transactions over 10 000 lira.
The Binance Turkey representatives responded to the news of the fine with a statement, saying it intends to comply with the laws and continue to build a sustainable, healthy, and secure ecosystem for the Turkish market operation.
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