The reason Binance Turkey becomes a lawbreaker is that MASAK claimed over Binance Turkey that it has broken the law on the prevention of laundering proceeds of crime, known as AML law.
How Does Binance Turkey Becomes A Lawbreaker?
The Crypto exchange failed the financial watchdog’s audit for check and balance record of Anti Money Laundering (AML) Compliance.
And Now the financial crime investigation board ordered that Binance Turkey will pay 8 million Lira around $750,000. As a form of punishment for going against the Anti Money laundering laws.
The Financial Crime Investigation Board fulfills its duty as a Turkish financial intelligence sector. It runs under the ministry of finance and treasury. The authorities found the Turkish Binance branch defaulter, as they overlook the anti-money laundering laws of turkey. On other hand, the local news channel Anadolu agency said that MASAK contains audit law No.5549. That avoids laundering proceeds of crime known as AML Law.
What Is The AML Law In Turkey:
The AML law in turkey requires firms to responsibly confirm the personal data of every user on their platforms. The personal data may include surname, date of birth, Turkish Identification Number (Turkey equivalent od social security number), types, and quantity of identity documents.
Additionally, the law also asks that businesses should inform the government instantly. In case, if found any mysterious or illegal activity within 10 days. As well, MASAK directed that update if any transaction proceeds over 10 thousand Lira within 10 days time period.
However, Binance Turkey crypto exchange marked its name as the first crypto business. That got fined by the Turkish Authorities. With this MASAk is working diligently along with the financial action task force (FATF) a global entity that regulates in opposition to terror financing and money laundering.
Words by Lutfi Elvan:
Mr. elvan was the former Treasury And cost minister. He says:
“FATF has asked for measures to be taken against crypto trading platforms”.
Recently we uploaded the informational news, about Turkey preparing its crypto law to present to parliament soon. You can check here complete details.
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