Turkish President Erdogan Says Crypto Law Ready As Cryptocurrency Regulator Fines Binance 8 Million Lira – Bitcoin News Regulation


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: Turkish Cryptocurrency Law ‘Is Ready’

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 8 million lira ($751,314) over violations found during liability inspections. Without providing further details, Anadolu detailed:

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

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.

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

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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