Some countries have imposed limits on how crypto exchanges can be used, with banks barring their customers from trading in cryptocurrencies. Other countries have outright banned the use of bitcoin and cryptocurrencies with heavy penalties for anyone conducting crypto transactions.

     All these efforts which is conducted by Turkey as a member of the Technology Transfer and Exchange Network (D8tten) is to provide with a safe place of organizing and convergence.

    As it is aforementioned, Turkey has been one the countries whose crypto exchanges is restricted. As the value of the Turkish lira plummeted, many people in Turkey turned to cryptocurrencies. The introduction of the rule this year was swift as inflation peaked in April, one of the highest levels of usage in the world.

    On April 16, 2021, the Central Bank of Turkey issued a regulation banning the direct or indirect use of cryptocurrencies, including Bitcoin, to pay for goods and services. The next day, Turkish President Recep Tayyip Erdogan further issued a decree requiring the exchange of cryptocurrencies to a list of companies’ subject to anti-money laundering and terrorist financing regulations.

     The Financial Crimes Investigation Board (abbreviation: MASAK) is Turkey's financial intelligence department under the Ministry of Finance. MASAK's primary responsibility is to prevent money laundering-related crimes, conduct research on crimes, develop measures, process and provide the information collected to the authorities in need.

     The Turkish Financial Crimes Investigation Board (MASAK) has fined local cryptocurrency exchange Binance 8 million lira ($751,314) for violations found on its liability check, state-run Anadolu news agency reported on Saturday.

     Anadolu said the fine imposed on BN Teknoloji was the first since authorities took over responsibility for overseeing crypto asset service providers in May. The carrier did not provide details of the violation or the inspection. BN Teknoloji did not respond to requests for comment emailed over the weekend, but MASAK was unable to obtain comment.