Sunday, June 16, 2024

World’s leading crypto exchange Binance fined by Turkish watchdog.

Watchdogs had never moved against any crypto platform in history, but all of that changed when crypto exchange Binance was fined by Financial Crimes Information Board or MASAK, a Turkish watchdog. Back in May 2021, MASAK had released a guide intended for service providers dealing in crypto assets. The guidelines stated in the guide mention that crypto exchange platforms have to verify subscribers’ identities and report high-volume trading and suspicious transactions.

However, Binance failed to fulfill the obligations, and in the guide, it was stated that companies failing to adhere to the rules will be fined. Repeat offenders may face prosecution as well. Recently, several crypto platforms in Turkey have shut down abruptly, and this has led to outrage from the country’s crypto investors, who are coping with devastating losses. Fatih Ozer, the CEO and founder of Turkish crypto exchange Thodex, is still being chased by the authorities in the wake of a judicial investigation into the company.

The Turkish Central Bank, earlier this year, also prohibited payments from being made with cryptocurrencies. This move came after numerous claims that outlined the risks of cryptocurrency transactions.

Despite being the world’s largest crypto exchange, Binance has had a torrid time with governments around the globe in 2021. Numerous governments have started to dig deep into Binance’s operations owing to repeated complaints that suggest malpractices. Even though Binance remains at the very top of the world’s crypto ladder, more moves against them may damage their reputation beyond redemption. The only saving grace for Binance in recent times has been its deal with the Dubai World Trade Centre.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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