18 Million TL Fine for 4 Big Crypto Currency Exchanges in Turkey
MASAK has fined giant cryptocurrency exchanges in Turkey 18 million 800 thousand TL. The reason for the penalty was the failure of the exchanges to fulfill their obligations under the “Law on the Prevention of Laundering Proceeds of Crime” No. 5549.
There has been a remarkable development regarding the four major cryptocurrency exchanges operating in Turkey . The Financial Crimes Investigation Board (MASAK) imposed an administrative fine of 18 million 800 thousand TL in total on the exchanges it initiated an investigation . So what happened and why did MASAK decide such a punishment?
According to the information obtained, the crypto money exchanges that MASAK has fined are Bitci Teknoloji AŞ , Icrypex Bilişim AŞ , Paribu Teknoloji AŞ and Eliptik Yazılım ve Ticaret AŞ ( BTC Turk ). The reason for the said penalty is the Law No. 5549 on the Prevention of Laundering Proceeds of Crime. According to MASAK, these cryptocurrency exchanges did not fulfill their obligations under the law.
Biggest penalty to Paribu
According to the information provided by Anadolu Agency, the biggest penalty was given to Paribu. In this context; It was stated that the size of the fine imposed on the company was 8 million TL . MASAK fined Bitci Teknoloji AŞ 4 million 250 thousand TL , Icrypex 4 million 100 thousand TL and BTC Türk 2 million 450 thousand TL .
According to the law numbered 5549, crypto money exchanges serving in our country have entered into some obligations as of May 1, 2021 . In this context, the recognition of customers, providing information and documents, keeping and submission for continuous information flow, and suspicious transaction notifications were recorded as transactions that exchanges have to make. According to MASAK, crypto exchanges faced the penalty for not fulfilling one or more of these obligations.