Turkey imposes first fine on cryptocurrency

Khabarni – The Turkish authorities dealt a severe blow to the local cryptocurrency exchange Binance, after fining it about 8 million liras.

According to the Turkish Anadolu Agency, a fine of 750,000 dollars was approved today, Saturday, by the Financial Crimes Investigation Bureau in Turkey.

The fine is the first of its kind since the bureau took charge of supervising crypto-asset service providers in May.

The fine was imposed on BN Technology, which owns the platform.

The office said the fine was due to violations discovered during checks.

The agency did not give further details about the violations or the checks.

A spokesperson for Binance said the company does not publicly discuss its contacts with authorities or regulators.

Turkey’s Financial Crimes Investigation Bureau could not be reached for comment due to the weekend.

On Friday, Turkish President Recep Tayyip Erdogan revealed that his country had finished drafting a law on digital currencies, and that the law was ready to be presented to Parliament.

On the other hand, the Turkish lira achieved its strongest week ever, as it rose 4% after government interventions in the market with support estimated at billions of dollars and a pledge from the government to cover foreign exchange losses on some deposits.

The lira plunged earlier to an all-time low of 18.4 against the dollar after months of declines due to severe interest rate cuts and concerns about a sharp increase in inflation.

But President Recep Tayyip Erdogan late on Monday revealed a plan by which the central bank and the treasury would compensate for losses on deposits converted into Turkish lira to protect them from foreign exchange losses.


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