Turkish President Erdogan says the cryptocurrency law is ready and the crypto regulator imposes a fine of 8 million
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Turkish President Recep Tayyip Erdogan has reportedly announced that the country’s cryptocurrency law is “ready” and will be submitted to parliament “without delay.” Meanwhile, Turkey's Financial Crimes Investigation Board (MASAK), which oversees cryptocurrency exchanges, has reportedly fined Binance Turkey due to violations found during liability checks. Turkish Cryptocurrency Law 'Ready' Turkish President Recep Tayyip Erdogan said in a meeting with reporters on Friday that the country's cryptocurrency law is ready, ABC Gazetesi reported.
“The law is ready and we will send it to Parliament soon without delay,” Erdogan said while providing information on the crypto legislation. Following Erdogan’s announcement, the state-owned Anadolu news agency reported on Saturday that Turkey’s Financial Crimes Investigation Authority (MASAK) fined the Turkish exchange Binance (BN Teknoloji) 8 million liras ($751,314) for violations found during liability inspections.
Without providing further details, Anadolu Agency detailed: “The fine imposed on BN Teknoloji was the first of its kind after the authority assumed supervision responsibilities for crypto-asset service providers in May.” Binance Türkiye later issued a statement confirming that it is “openly” communicating and cooperating with regulatory and supervisory authorities. The exchange added that it is “actively following changing policies, rules and laws in this new field.” Furthermore, Binance Turkey said that it strives to “create a sustainable, healthy and secure ecosystem.” In September, President Erdogan said that Türkiye was “at war” with cryptocurrency.
Moreover, Binali Yildirim, Vice Chairman of the Justice and Development Party, said: "Unfortunately, cryptocurrency also opens the door to injustices. So, it is something that needs serious control." In May, Türkiye published some rules for cryptocurrency trading platforms in the Official Gazette after two cryptocurrency exchanges – Thodex and Vebitcoin – were investigated for fraud.
The Turkish Central Bank has also banned the use of cryptocurrencies in payments. Source
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