🌎 Binance and Bitfinex Move to Register Services in Turkey

Binance and Bitfinex are making swift moves to register their services in Turkey following the country’s finalized regulatory stance on cryptocurrency.

According to data from the Capital Markets Board of Turkey, the financial regulatory and supervisory agency, a total of 47 crypto exchanges, including Binance, Bitfinex, and OKX, have applied to indicate their intentions to offer services in Turkey. However, the regulator noted that inclusion in the list does not imply authorization to offer services.

This surge in applications aligns with the recent approval of a crypto bill by Turkish legislators, led by ruling party chairman Abdullah Güler. The bill imposes fines of up to $182,600 and prison sentences of up to five years for non-compliance. Under the new bill, crypto exchanges wishing to operate legally in Turkey must be licensed by the Capital Markets Board. Unauthorized platforms offering trading services could face prison sentences ranging from three to five years.

Turkey Clarifies Its Crypto Regulation

Under the new regulations, crypto providers in Turkey are required to implement and report measures like asset seizures and other legal enforcement actions. Additionally, they must ensure that customer fund transfers, including deposits and withdrawals, are accessible and traceable by legal authorities.

Turkey has become a significant crypto hub in the Middle East, ranking fourth globally in raw crypto transaction volume in 2022, with $170 billion received. Despite this, the list of registered exchanges excludes any U.S.-based platforms such as Coinbase or Gemini, while including platforms like Whitebit and local players such as BTCTurk.