All crypto users in Turkey, listen up!
Five days after the Turkish Parliament adopted a new crypto assets regulation bill, Binance Global announced adjustments to its services in Turkey. In a statement titled “Updates to Binance’s Services in Turkey Under the New Crypto Regulations,” Binance announced that Binance.com will remain accessible to Turkish users. However, the Turkish language option will be phased out over the next three months.
Read on to find out exactly what’s changing and what it might mean for your crypto experience in Turkey.
According to the new crypto assets regulation bill, crypto asset service providers must obtain a license from the Capital Markets Board (SPK) to establish or start operating in the country. The law mandates imprisonment for three to five years and judicial fines ranging from 5,000 to 10,000 days for individuals and officials of legal entities found operating as crypto asset service providers without authorization.
Any service provider found to be siphoning off money or crypto assets will face jail time ranging from 8 to 14 years, along with judicial fines up to 5,000 days and must compensate for damages. Currently, Turkey lacks regulations regarding the taxation of crypto assets, but this issue is expected to be addressed by future legislation.
According to HedgewithCrypto, the adoption rate of crypto in Turkey has doubled over the past three years, rising from 16% to 40% of the population holding crypto. This makes Turkey one of the countries with the highest crypto adoption rates, with estimates suggesting that every two out of five Turkish citizens hold crypto.
Binance’s Market Presence
Data from CoinMarketCap shows that in the last 24 hours, the trading volume on Binance TR was $201.2 million. Internal trading data from Binance indicates that in September 2023, the Turkish Lira ranked first among the exchange’s fiat trading pairs, accounting for a surprising 75%.
A report published by Chainalysis in March 2024 placed Turkey 10th among the countries that gained the most returns from cryptocurrencies in 2023, with an estimated gain of $0.95 billion.
Source: Chainanalysis
The reasons behind Binance’s recent changes in Turkey remain unclear, but there is speculation that Binance may be planning to withdraw from the Turkish market. The new crypto regulations in Turkey require platforms that do not apply for an SPK license to terminate their activities and make the decision to liquidate within three months.
Read Also: Crypto Regulations In Turkey 2024
Turkey’s high crypto adoption is undeniable. Do these new regulations strike the right balance, or will they stifle innovation?
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