President Erdogan Prepares New Crypto Law As Binance Receives A Hefty Fine

2021-12-27 20:33:13
Urgent Crypto Law

Daily Sabah and ABC Gazetesihe report that the President of Turkey, Recep Tayyip Erdogan, prepares to send an upcoming crypto law to the parliament.

According to the president, the crypto law is ready, and it is only a matter of time before it reaches the Turkish parliament.

The law is ready, we will send it to the parliament soon without delay.Recep Tayyik Erdogan | President Of Turkey

This comes just 3 months after president Ergodan described the government as being ‘at war’ with crypto. And this is something that received almost unanimous support from all echelons of the Turkish government.

Including the Justice and Development Party of Turkey, which is one of the biggest supporters of President Erdogan, and an vocal fighter for strict crypto regulation.

Unfortunately, cryptocurrency also opens the door to grievances. So, it’s something that needs serious control.Binali Yildirim| Chairman Of Justice Development Party of Turkey

Prior to this declaration of war on crypto by president Erdogan, Turkey already imposed several crypto laws, in an attempt to control the situation.

Up to such an extent, that the Central Bank Of Turkey outright banned using crypto for payments throughout the country.

That is because two Turkish crypto exchanges, Vebitcoin and Thodex, were investigated for fraudulent activities. Nothing was found, but it definitely made the government nervous.

Binance Subsidiary Fined

This brings us to Binance. Just as President Erdogan finished his statement regarding the new crypto law, Anadolu reported that the Turkish Financial Crimes Investigation Board (MASAK) fined Binance.

More specifically, the Turkish financial regulator fined BN Teknoloji, a subsidiary of Binance, and a leading crypto exchange. The fine by the Turkish Financial Board equals $751.314, of approximately 8 million Turkish lira.

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.Anadolu News Agency

Consequently, whole Turkey waits to see what actually this new law covers. And more importantly, considering that President Erdogan currently prepares to send the crypto law, how long will it take to fully implement in the country.

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