As became known earlier this week, Turkey is advancing its crypto regulations, with a new bill introduced in May 2024, aimed at bringing cryptocurrency firms under the oversight of the main regulatory authority of the local securities market, the Capital Markets Board.
This move emphasizes licensing requirements to ensure compliance with anti-money laundering and counterterrorism financing rules, aligning Turkish standards with the European Union's framework. As a reminder, Turkey has been a candidate for full membership to the EU since 1999.
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In response to these developments, the world's largest exchange, Binance, announced adjustments to its services in Turkey today. The platform will maintain accessibility for Turkish users on Binance, albeit with gradual removal of Turkish language options over three months. Additionally, all direct marketing activities targeting Turkish users will cease.
Turkey's new crypto framework is a positive step forward for the industry.At #Binance, we support these developments and will keep collaborating with regulators for a secure, compliant crypto ecosystem.More details here ⤵️ https://t.co/1ueOliKUYd
— Binance (@binance) July 2, 2024
"These changes reflect Binance's commitment to regulatory compliance and collaboration with authorities," the announcement stated. The exchange reassured users that all funds remain secure, with continued availability of deposit and withdrawal functions.
Crypto Turkey
It may not be known to many people, but there is a large base of crypto users in Turkey. This is due to the weakness of the local currency, the Turkish Lira, and the forced exodus of the local citizens into dollar-denominated crypto assets.
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However, the new Turkish regulatory landscape poses challenges, including significant fines for noncompliance. The new bill proposes administrative penalties of up to $182,600 USD for certain violations, and even imprisonment in several other cases.
