Turkey moved forward with its crypto laws this week by introducing a new bill that will go into effect in May 2024. The bill’s goal is to put cryptocurrency companies under the control of the Capital Markets Board, which is the main regulatory body for the local securities market.
The new law puts more emphasis on license requirements to make sure that rules against money laundering and funding for terrorism are followed. This brings Turkish standards in line with those of the European Union. Since 1999, Turkey has been trying to become a full member of the EU.
Binance’s Turkish Operational Adjustments
In answer, Binance, the biggest exchange in the world, said it would be changing how it does business in Turkey. Turkish users will still be able to access the site, but over the next three months, the Turkish language options will be slowly taken away. In addition, there will be no more direct ads aimed at Turkish users.
“These changes reflect Binance’s commitment to regulatory compliance and collaboration with authorities,” it said. The exchange told users that all of their funds are safe and that they can continue to deposit and withdraw funds as normal.
A lot of people in Turkey use cryptocurrencies because the Turkish Lira is not worth much and people there are moving their money into dollar-denominated cryptocurrencies.
The new rules and regulations in Turkey are hard to get used to, and there are significant fines for not following them. The new bill suggests that people who break certain rules could face fines of up to $182,600 USD or even jail time in some situations.
