Please enter CoinGecko Free Api Key to get this plugin works.

Biance the first crypto platform to be slapped by fine in Turkey

By CryptoVista Staff
December 26, 2021 0

Turkey’s new cryptocurrency regulations have claimed their first victim, with Biance being fined the maximum – eight million Lira (US$750,000) by MASAK, the nation’s financial crimes investigators.

Biance was found in breach of laws introduced earlier this year, which insist that platforms track user information and other details that will allow for the accurate taxation of digital currencies and will assist in preventing money laundering.

The courts determined that Biance was in breach of these requirements.

2021 has been a year in which crypto platforms, currency makers, and investors have had to dance an elaborate dance with regulators and governments that are still working through the implication of these technologies. China, Australia, Russia, India, the United States, and many others – including Turkey, here – have either taken a renewed look at regulation, or taken steps to enact greater regulatory control of these platforms.


Market Wrap: What happened with the top five cryptocurrencies this week? (17-Dec-2021 to 24-Dec-2021)
Global crypto market cap hikes back above $2.5 trillion

Related Posts