Turkish Branch Of Binance Got Fined By Financial Crimes Board

The Turkish branch of Binance crypto exchange got fined by the Financial Crimes Investigation Board in value of $751,314 as we can see more in today’s Binance news.

The Turkish branch of Binance got fined over violations found during liability inspections. The fine imposed by the Financial Crimes Investigation board was the first of its kind after the agency took other responsibilities to oversee crypto asset service providers back in May. However, weren’t many explanations for the violations or inspections. A Binance spokesperson said that the company didn’t talk publicly about its communications with the authorities and regulators.

Also, Binance is closing the trading platform branch in Singapore by February as it withdrew its application for a local license in the country. The unexpected move by the Singaporean branch of the exchange ended in an effort that started last year to gain approval from the Singaporean authorities. Binance Is closing the trading platform by February as Binance Asia said in an email statement sent to Bloomberg. The exchange didn’t provide more details about the decision and why they are backing away from the crypto-friendly country but it only said it would refocus the local unit’s operations on becoming the best blockchain innovation hub.

Furthermore, The crypto exchange giant announced the implementation of a new BNB auto-burn Burn and the goal is to provide bigger transparency and predictability to the BNB community. BNB is also designed to foster the development of a healthier blockchain ecosystem alogn with Binance smart chain and Binance coin communities. According to the official blog post, the new BNB Auto-burn will have two main characteristics. It will be objective and verifiable and will rely on revenues generated on the Binance centralized exchanges via the use of the native token.

At last, Crypto exchange Binance seals the deal with Dubai’s authorities to establish a crypto hub in the region and announced that it signed a Memorandum of Understanding with the Dubai World Trade Centre Authority with the goal of making Dubai an industry hub. It added that the main goal was to help various crypto and blockchain-related businesses to become licensed in Dubai. However, this MOU is not a license for Binance to operate in Dubai and is a contrast to a license, these are agreements between parties that are seen as the starting point for the negotiations. They are not legally binding but only pose a signal that the relevant parties reached an agreement and that the foundation was laid for both to move ahead. Binance had a difficult time satisfying the criteria for regulators around the world.