Turkish President Erdogan Says Cryptocurrency Law Is Ready as Crypto Regulator Fines Binance 8 Million Lira

Turkey’s President Recep Tayyip Erdoğan reportedly announced that the country’s cryptocurrency law “is ready” and will be submitted to parliament “without delay.” Meanwhile, Turkey’s Financial Crimes Investigation Board (MASAK), which oversees crypto exchanges, has reportedly fined Binance Turkey over violations found during liability inspections.

Turkish Cryptocurrency Law ‘Is Ready’

Turkish President Recep Tayyip Erdoğan said at a meeting with journalists Friday that the country’s cryptocurrency law is ready, ABC Gazetesi reported. While providing information on crypto legislation, Erdogan said:

The law is ready, we will send it to the parliament soon without delay.

Following Erdoğan’s announcement, the state-owned Anadolu news agency reported on Saturday that the Turkish Financial Crimes Investigation Board (MASAK) has fined Binance’s Turkish exchange (BN Teknoloji) 8 million lira ($751,314) over violations found during liability inspections. Without providing further details, Anadolu detailed:

The fine imposed on BN Teknoloji was the first of its kind after the authority took on responsibilities to oversee crypto asset service providers in May.

Binance Turkey subsequently issued a statement emphasizing that it “openly” communicates and cooperates with regulatory and supervisory authorities. The exchange added that it “actively follows the changing policies, rules, and laws in this new field.” Furthermore, Binance Turkey said it strives to “create a sustainable, healthy, and safe ecosystem.”

In September, President Erdoğan said that Turkey is “at war” with cryptocurrency. Moreover, Binali Yıldırım, deputy chairman of the Justice and Development Party (AK Party), said: “Unfortunately, cryptocurrency also opens the door to grievances. So, it’s something that needs serious control.”

In May, Turkey published some rules for crypto trading platforms in the official gazette after a couple of cryptocurrency exchanges — Thodex and Vebitcoin — were investigated for fraud. The Turkish central bank has also banned the use of cryptocurrencies for payments.

What do you think about President Erdoğan’s statement and Binance being fined 8 million lira? Let us know in the comments section below.