Binance Will Have to Pay a $750,000 Fine to Turkish Regulator
Turkish MASAK sued the local Binance department. The company will have to pay a $750,000 fine as reported by Reuters. The problem was in numerous violations discovered during the review conducted by the regulator.
This fine became the first punishment since Turkey tightened up their crypto regulations and maintained a state control over the providers of services in that field. MASAK obliged the crypto exchanges to inform the state about certain financial operations and banned the use of cryptocurrencies as the means of payment.
Earlier the President of Turkey, Recep Erdoğan, made it clear that Turkey isn’t interested in adopting the digital assets and will keep using their fiat currency. The new bill about crypto assets is already in Parliament but they don’t disclose any details about it.