More woes for the world’s most popular crypto exchange Binance, this time in Turkey. Binance Turkey has been fined 8 million lira (almost $750,000) by the country’s Financial Crimes Investigation Board (MASAK) for failing its audit for monitoring AML compliance.

MASAK, which is known as Turkey’s financial intelligence unit revealed that Binance’s operations in the country violated laws related to money laundering. Turkey’s AML Law requires companies to identify and verify PII of customers and notify the government of any suspicious activities observed within 10 days.

The liability inspections revealed that Binance Turkey had allegedly violated numerous regulations. This comes months after MASAK had issued a warning to crypto exchanges back in April.

Interestingly, the fine on Binance Turkey comes along with the Turkish President Erdogan announcing the successful completion of the draft of the nation’s crypto law. The draft will soon be shared with the Parliament following which it could soon be implemented into law even as the country struggles with inflationary pressures weighing down on its currency, the lira.

While Binance is the first crypto related business to be fined by MASAK, this isn’t the first regulatory challenge the exchange has encountered in its several years of operations. Previously, the leading crypto trading platform has faced regulatory challenges in Singapore, UK and US.