Turkish regulator fines Binance for violations

Karthik Subramanian

The Turkish Financial Crimes Investigation Board (MASAK) has imposed a fine of 8 million Lira on the embattled crypto exchange Binance.

binance

Binance has been in all sorts of trouble with different regulators all around the world and this has been an ongoing story over the last few months.

Quick Growth

The exchange has grown very quickly over the last couple of years and most of this growth has been on the back of a relentless pursuit of users across various regions with scant respect for the existing or forthcoming regulations. While this was fine till a year back as the regulators were yet to come to grips with crypto, the situation has changed drastically over the last year or so with a lot of mainstream users also jumping into crypto during this period. This has forced the regulators to sit up and take notice and realize that they can no longer be lax with their regulations on crypto and that they would need to bring in control and a framework to regulate crypto for now and the future as well.

This had led to cracking down on the operations of Binance by the various regulators and Turkey also seems to be following suit. No details have been revealed about the kind of violations that were committed by the local branch of Binance and whether more action would follow or any corrective action would be taken by the company but it comes on the background of reports that the Turkish authorities would be looking to regulate crypto in the coming year. This seems to be the approach of many of the regulators around the world who are also looking to come up with a regulatory policy surrounding crypto and ensuring that it does not interfere too much with the existing financial ecosystem.

Crypto Companies to Work Together with Regulators

Some of the governments have chosen to ban crypto outright but it is generally believed that this approach may not work in the long run. On the other hand, crypto companies like Binance are also working hard to ensure that they become compliant and regulated and are now willing to work with the authorities to achieve the same. They realize that its time for the industry to move mainstream and this cannot happen with the full support of the regulators and hence are now ready to cooperate with them to take crypto to the masses.

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