MASAK Fines Binance Rp10.6 Billion For A Number Of Violations In The Application

JAKARTA - Turkey's Financial Crimes Investigation Agency (MASAK) imposed a fine of 8 million lire (Rp10.6 billion) on the local unit of cryptocurrency exchange Binance. These fines are awarded for a number of violations found during their application liability inspection.

News of the fine was reported by the Anadolu news agency on Saturday, December 25. This is the first fine that the Turkish government has given to the country's first cryptocurrency exchange and application agency.

The fine imposed on BN Technology is the first of its kind after authorities took responsibility for supervising crypto asset service providers last May, according to an Anadolu report.

It's just a shame, Anadolu itself did not clearly specify what violations Binance had committed, which resulted in the huge fine.

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