The regulatory troubles of Binance, the world’s largest cryptocurrency exchange by trading volume, are not over yet in 2021. According to a Reuters report, the Turkish subsidiary of Binance, BN Teknologi, has been slammed with an 8 million lira (about $751,314) fine by the country’s Financial Crimes Investigation Board (MASAK).
While details are still sketchy it appears that the Binance local unit failed to comply with the new laws of Turkey that require crypto-exchanges to track user information for taxation purposes. Reuters reports that the fine was imposed after liability inspections from MASAK exposed violations of Turkey’s crypto assets laws. The fine on the Binance subsidiary is the first of its kind on any cryptocurrency exchange in Turkey since MASAK was set up to have oversight over the crypto market in the country according to Anadolu Agency who first reported the event.
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