The regulator, SPK, announced on Friday that the bank was penalized with a fine of 32.8 million lira ($1.7 million) for violating a specific article related to disruptive equity transactions.

JPMorgan has not yet responded to requests for comment as of Saturday morning.

In 2019, the bank faced a previous investigation during a period of instability for the Turkish lira.

The Banking Regulation and Supervision Agency (BDDK) had stated at that time that JPMorgan analysts, who had recommended selling the lira against the dollar, had issued a note containing misleading and manipulative content, leading to market volatility and damaging the reputation of Turkish banks. (ILKHA)