The Financial Crimes Investigation Board (MASAK) fined Binance Turkey 8 million lira (nearly $ 750,000) after the cryptocurrency exchange failed the financial watchdog’s audit for monitor anti-money laundering (AML) compliance.
The Financial Crimes Investigation Board (MASAK), which serves as Turkey’s financial intelligence unit under the Ministry of Finance and Treasury, has found Binance crypto exchange operations in Turkey guilty of breaking laws aimed at preventing the laundering of money acquired by criminal means. According to With the local media of the Anadolu Agency, MASAK carried out an audit of Law No. 5549 on the prevention of laundering of the proceeds of crime, also known as the AML law.
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