---
title: "Binance Turkey unit Slapped With TRY 8 Million For Violations Of Digital Currency Laws"  
description: "the news telling about the fine imposed in Binance, a Turkey company for the violations of digital currency laws"  
author: "Sanjay Goenka"  
published: 2021-12-28  
updated: 2021-12-28  
canonical: https://www.mindstick.com/news/1151/binance-turkey-unit-slapped-with-try-8-million-for-violations-of-digital-currency-laws  
category: "cryptocurrency"  
tags: ["internet", "cryptocurrency", "digital coupons", "digital transformation"]  
reading_time: 2 minutes  

---

# Binance Turkey unit Slapped With TRY 8 Million For Violations Of Digital Currency Laws

> **Binance Turkey’s Unit has been found guilty of the violations of showing non-compliance with Turkey’s [digital currency](https://www.mindstick.com/news/1560/bank-of-japan-won-t-issue-digital-currency-to-attract-negative-rates) laws related to customer information.**

\
Turkey’s Financial Crimes [Investigation](https://www.mindstick.com/news/2149/twitter-claims-in-court-that-elon-musk-is-the-subject-of-government-investigations) Board (MASAK) imposed a fine of 8 million Turkey’s money to the company and the violations have been made by the company related to Turkey’s digital currency laws related to customer information. \
**Highlighted Facts**

- Binance is the company and it operates under the name of BN Teknoloji in Turkey.
- Fine about 5 crores have been imposed in the company which is 5 million in Turkey currency.
- The president of Turkey also gave a hint to legalize the crypto space.

#### Read More: [17,000 Crypto Coins Owner Michael Saylor, MicroStrategy CEO Stash The Surge in Bitcoin: Report](https://www.mindstick.com/news/1121/17-000-crypto-coins-owner-michael-saylor-microstrategy-ceo-stash-the-surge-in-bitcoin-report)

\
During an investigation by Turkey’s Financial crimes investigation Board, the company Binance has been found guilty under the violations of the laws that were made by the Turkey government for [Cryptocurrency](https://www.mindstick.com/articles/327746/effective-ways-to-earn-in-cryptocurrency) in the digital form. \
In Turkey, the company is working under the name of BN Teknoloji, and at the current time, neither the Company BN Teknoloji nor MASAK has announced the [news](https://www.mindstick.com/developersection/news) to the public. \
Also, the Reuters report said that the company Binance also has been accused of giving the information of customers related to [money laundering](https://www.mindstick.com/news/536/retired-netflix-officer-caught-in-money-laundering). These violations come under the newly made laws by Turkey’s Government. \
This fine is seen to be the first of its kind and the Turkey government also planned to legalize and customize the cryptocurrency and the crypto [service providers](https://www.mindstick.com/articles/13099/the-importance-of-machine-learning-service-providers) in May. The development in the digital currency is seen after the becoming of new president Recep Tayyip Erdogan. He supported in the favor of making new laws and the \
introduction of a new bill in the house in the matter of legalization of cryptocurrency use in the country. \
**Interesting fact** \
As per the report published by Turkey’s Information Technologies and [Communication](https://www.mindstick.com/articles/126321/5-fails-and-fixes-of-the-office-communication) Authority (ICTA), the estimation of the Cryptocurrency users in the country is about -2.4 million in the [overall population](https://answers.mindstick.com/qa/51449/which-state-had-the-largest-percentage-of-slaves-in-its-overall-population-in-1790) of the country which is about 3% of the total population. \
**Read More: ['Jack Dorsey', Former CEO Twitter Believes Bitcoin will Replace US Dollar](https://www.mindstick.com/news/1093/jack-dorsey-former-ceo-twitter-believes-bitcoin-will-replace-us-dollar)**

---

Original Source: https://www.mindstick.com/news/1151/binance-turkey-unit-slapped-with-try-8-million-for-violations-of-digital-currency-laws

Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.