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Binance gets involved in problems with the Turkish authorities and imposes a fine on them…Details here

Binance gets involved in problems with the Turkish authorities and imposes a fine on them…Details here

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Answer Binance gets involved in problems with the Turkish authorities and imposes a fine on them…Details here

Organizational problems and Binance are not over each other yet.

According to a Reuters report, BN Teknologi, a subsidiary of the Turkish company Binance, was fined 8 million liras (about $751,314) by the country’s Financial Crimes Investigation Board (MASAK).

While the details are still unknown, it appears that the Turkish branch of Binance has failed to comply with new laws in Turkey that require cryptocurrency exchanges to track user information for tax purposes.

mentioned “ReutersThe fine was imposed after MASAK revealed that Binance had violated Turkey’s crypto laws.

The fine imposed on Binance is the first of its kind on any cryptocurrency exchange in Turkey since the creation of “MASAK” to oversee the country’s crypto market according to Anadolu Agency, which reported the news.

Read:Binance platform allocates $ 5 million campaign to combat the Corona virus

Binance and its ongoing problems with regulators:

Being one of the most popular and largest cryptocurrency exchanges, Binance has seen its fair share of regulatory scrutiny.

Binance was founded in China in 2017, but had to move to Japan that same year after China tightened its stance on the cryptocurrency industry.

While regulators have continued to hurt it over the years, 2021 has put Binance up and running.

Binance has seen many actions taken against it by various regulators across the world, ranging from orders to close its operations to those restricting its offer of certain services.

Countries that moved against Binance included the United States, the United Kingdom, Italy, Germany, the Netherlands, Malta, Singapore, and Japan, among many others.

Binance’s response to the tightening has been largely positive as it appears to have bounced back from the problems.

Proof of this is the fact that Binance has revealed plans to set up head offices around the world to improve communication with regulators.

Binance has also been seeking to enhance its ability to communicate with regulators by hiring staff with expertise in regulatory compliance.

Read:Bitcoin price rises as stock market crashes – is the correlation broken?

The move appears to be paying off, according to Binance’s founder and CEO, CZ.

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