Binance Turkey was fined 8 million liras ($750,000) by the Financial Crimes Investigation Board (MASAK) after the crypto exchange breached an audit for monitoring Anti-Money Laundering (AML) compliance.

MASAK recently found that famous crypto exchange Binance's Turkey operations were found guilty of breaking an audit of Law No. 5549, which aims to combat money laundering acquired through illicit means, often known as AML law.

This move from MASAK comes after France president Tayyip Erdoğan announced that the crypto law draft has been completed and will be soon handed over to the parliament for the approval.

The AML law in Turkey requires companies to identify and verify the personal identification of the customers on the platform, something like KYC verification. The law also requires businesses to immediately notify the government about suspicious activities within a 10-day period. Binance is now the first cryptocurrency company to be penalized by the Turkish government.

“MASAK is working closely with Financial Action Task Force (FATF), a global regulator against money laundering and terrorist financing, ATF has asked for measures to be taken against crypto trading platforms” according to former Treasury and Cost Minister Lutfi Elvan.