Turkish regulators have fined local cryptocurrency exchange Binance after allegedly showing non-compliance with digital currency laws related to customer information.
The exchange that operates under BN Teknoloji was fined 8 million Turkish lira ($750,000) by Turkey’s Financial Crimes Investigation Board (MASAK), which is the agency’s first punitive measure since it began overseeing the crypto sector, Reuters reports.
The exchange allegedly violated various regulations that emerged during the liability inspections. Notably, Binance is accused of failing to provide customer information related to money laundering in line with new laws enacted earlier in the year.
In April, regulators notified exchanges operating in Turkey that they will be required to share user information mainly linked to tax regulation of digital currencies. According to the ministry of finance, the MASAK would use the information for various aspects such as tracking and preventing crime.
The fine emerges as cryptocurrencies continue to grow in popularity among Turkish residents and the government has taken several measures to regulate the sector, resulting in a new crypto law draft.