Cryptocurrency Law Statement from Binance Turkey: What Will Change?
Binance, the world's largest cryptocurrency exchange, made a statement about the new regulations in Turkey.
According to the statement made by Binance today, users in Turkey will continue to access Binance's global website.
Some changes will be made
According to the statement made today, Turkish language support on Binance's global site will be gradually removed within the next three months.
In addition, Binance will completely stop its marketing activities towards users in Turkey.
Binance said, “We are aware that these changes will affect some of our users, but as always, our first priority is the security and experience of all our users.”
They will be affiliated with CMB
The Law on Amendments to the Capital Markets Law, which regulates the cryptocurrency industry in Turkey, came into force after being published in the Official Gazette.
Definitions related to cryptocurrencies such as "crypto asset service provider", "platform" and "wallet" were made in the law.
Under the new regulations, crypto asset service providers operating in Turkey will need to be approved by the Capital Markets Board (CMB).
Individuals and organizations operating without the permission of the CMB will be sentenced to imprisonment from three to five years and a judicial fine of up to 5 thousand days to 10 thousand days.
