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

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

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

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

The fine imposed on BN Teknoloji was the first of its kind after the authority assumed responsibility for overseeing crypto asset service providers in May.

Binance Turkey subsequently issued a statement stressing that it communicates and cooperates “openly” with regulatory and supervisory authorities. The exchange added that it “is actively following the evolution of policies, rules and laws in this new area.” Additionally, Binance Turkey said it strives to “create a sustainable, healthy and secure ecosystem.”

In September, President Erdoğan declared that Turkey was “at war” with cryptocurrency. Additionally, Binali Yıldırım, Vice Chairman of Justice and Development Party (AK Party), said, “Unfortunately, cryptocurrency also opens the door for grievances. So, this is something that needs serious control.

In May, Turkey published some rules for crypto trading platforms in the official journal after a few cryptocurrency exchanges – Thodex and Vebitcoin – were investigated for fraud. Turkey’s central bank has also banned the use of cryptocurrencies for payments.

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

Kevin helms

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

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