Local Binance Exchange branch fined by Turkish MASAK
According to a Reuters article, the Turkish branch of the global Binance trading platform has been fined for 8 million lira (equal to slightly over $750,000). The reason is that MASAK (a state agency that investigates financial crimes in Turkey) has found multiple violations by Binance in this country during inspections.
The news was shared by the local public information company Anadolu. According to the news source, this is the first fine imposed on the Binance platform in the country after MASAK began monitoring crypto asset platforms in May of this year. However, no details regarding specific inspections or violations committed by BN Teknoloji have yet been revealed.
Earlier this year, Binance faced legal issues from regulators in multiple countries in Europe, as well as Asia. Regulatory authorities in Italy, Germany, the Netherlands, Malta, UK, etc, stated that Binance had no license to offer any cryptocurrency services there.
Binance has also phased out crypto-fiat trading in Singapore. As U.Today recently reported, the exchange withdrew an application to obtain a license to operate in this country due to AML issues with the authorities.
