Turkish unit of crypto exchange Binance fined, news agency says

FILE PHOTO: Illustration shows representation of Binance cryptocurrency exchange token
FILE PHOTO: Representation of cryptocurrency Binance Coin, the native token of the cryptocurrency exchange, is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration

December 27, 2021

ISTANBUL (Reuters) -Turkey’s Financial Crimes Investigation Board (MASAK) imposed an 8 million lira ($751,314) fine on the local unit of cryptocurrency exchange Binance over violations found during liability inspections, the Anadolu news agency said on Saturday.

The fine imposed on BN Teknoloji was the first of its kind after the authority took on responsibilities to oversee crypto asset service providers in May, the state-owned news agency said, without elaborating on the violations or inspections.

A Binance spokesperson said the company did not discuss publicly its communications with the authorities and regulators. MASAK could not be reached for comment at the weekend.

($1 = 10.6480 liras)

(Reporting by Ezgi Erkoyun; Editing by Pravin Char and Edmund Blair)