Turkey MASAK fined Binance Turkey 8 million lira for anti-money laundering offenses.

According to the report, the Turkish Financial Crimes Investigation Commission (MASAK) fined Binance Turkey 8 million lira for anti-money laundering offenses.

According to the report, cryptocurrency exchanges have yet to pass MASAK's anti-money laundering investigation into how they collect funds through fraud.

Previously, MASAK discovered that Binance Turkey had violated laws and regulations designed to protect the country's financial security. On the other hand, the school has invested heavily in Binance Turkey to ban all doctors.

This is unfortunate for Binance Turkey and has become the first cryptocurrency exchange to be fined by the Turkish government. At the same time depending on the circumstances, it was announced that the current President of Turkey, Recep Tayyip Erdogan, has created a cryptocurrency bill.

While drafting laws, these models are still awaiting congressional approval. The existence of cryptocurrency legislation is aimed at regulating and ensuring the proper functioning of digital assets in Turkey. It also ensures that the crypto asset deal complies with national law.

Former Finance and Finance Minister Lutfi Elvan said MASAK is now working with the Office of the Superintendent of Finance (FATF) to keep the region secure.

"The FATF has called for action on cryptocurrency trading platforms."

More importantly, the crypto law will support the new model of the crypto industry, resulting in a reduction in the lire. Erdogan noted that the appreciation of the Turkish lira is an agenda issue, not a concern.