Turkish President Erdogan Says Cryptocurrency Law is Prepared as Crypto Regulator Fines Binance 8 Million Lira

By Clark

Turkey’s President Recep Tayyip Erdoğan reportedly proclaimed that the country’s cryptocurrency law “is ready” and can be submitted to parliament “without delay.” In the meantime, Turkey’s monetary Crimes Investigation Board (MASAK), that oversees crypto exchanges, has reportedly penalized Binance Turkey over violations found throughout liability inspections.

Turkish Cryptocurrency Law ‘Is Ready’

Turkish President Recep Tayyip Erdoğan affirmed at a gathering with journalists Friday that the country’s cryptocurrency law is prepared, fundamentals Gazetesi reported . whereas providing info on crypto legislation, Erdogan said:

‘The law is prepared, and we’ll send it to the parliament immediately.”

Following Erdoğan’s announcement, the state-owned Anadolu press agency reported on weekday that the Turkish monetary Crimes Investigation Board (MASAK) has penalized Binance’s Turkish exchange (BN Teknoloji) 8 million lira ($751,314) over violations found throughout liability inspections. while not providing additional details, Anadolu detailed:

“The fine imposed on BN Teknoloji was the primary of its kind once the authority took on responsibilities to administrate crypto asset service suppliers in May.”

Binance Turkey later on issued an announcement emphasizing that it “openly” communicates and cooperates with regulative and higher-up authorities. The exchange more that it “actively follows the dynamical policies, rules, and laws during this new field.” What is more, Binance Turkey aforesaid it strives to “create a property, healthy, and safe system.”

In September, President Erdoğan affirmed that Turkey is “at war” with cryptocurrency. Moreover, Binali Yıldırım, deputy chairman of the Justice and Development Party (AK Party), said: “Unfortunately, cryptocurrency conjointly opens the door to grievances. So, it’s one thing that deserves serious management.”

In May, Turkey revealed some rules for crypto mercantilism platforms within the official gazette once a handful of cryptocurrency exchanges — Thodex and Vebitcoin — were investigated for fraud. The Turkish Central Bank has conjointly illegal the employment of cryptocurrencies for payments.