After cryptocurrency exchanges failed to pass an anti-money laundering (AML) compliance audit by financial regulators, the Financial Crime Investigation Commission (MASAK) fined Binance Turkey an 8 million lire (nearly 750,000 USD).

The Financial Crime Investigation Commission (MASAK), the financial intelligence agency under the Turkish Ministry of Finance, determined that the operations of the cryptocurrency exchange Binance in Turkey violated laws aimed at preventing money laundering of funds obtained through criminal means. according to Tell the local news media Anadolu Agency that MASAK conducted an audit on the prevention of money laundering criminal proceeds against Law No. 5549 (also known as the “Anti-Money Laundering Law”).

Turkey’s anti-money laundering law requires companies to identify and verify the personally identifiable information of customers on the platform, including detailed information such as surname, date of birth, TC identification number (Turkish equivalent of a social security number), and type and number. ID. The law also requires companies to immediately notify the government of suspicious activities within 10 days.

As reported by Cointelegraph Turkey, the regulator imposed an administrative fine of up to 8 million Turkish Lira for suspected violations.In addition, this timeline also coincides with the day President Erdogan announces the completion of the draft encryption law This will be submitted to Parliament for approval soon.

With this, Binance has also become the first cryptocurrency company to be fined by the Turkish government. In addition, according to Lutfi Elvan, the former Minister of Finance and Costs, MASAK is working closely with the Financial Action Task Force (FATF), the global regulator to combat money laundering and terrorist financing:

“FATF has requested measures against encrypted trading platforms.”

In accordance with this requirement, MASAK also agreed to report transactions worth more than 10,000 lire within 10 days.

related: President Erdogan confirmed that Turkey’s encryption law is ready to be submitted to Parliament

Turkish President Recep Tayyip Erdo?an (Recep Tayyip Erdo?an) confirmed that an encryption law has been completed, which will soon be handed over to Parliament for mainstream implementation.

As reported by Cointelegraph, the encryption law envisages a new economic model that can support Turkey’s efforts to restore the depreciation of the lira. Erdogan also said that the recent inflation of the Turkish lira has nothing to do with mathematics, but a process problem-hinting at the possibility and potential of the value of the lira:

“With this understanding, we intend to direct it to a dry place. But the exchange rate will find its own price in the market.”