Binance sunsets referral program in Turkey due to local regulations

Crypto exchange Binance has ended its retail referral program in Turkey, just a few months after registering its services with the local regulator.

Cryptocurrency exchange Binance is shifting its operations in Turkey, and just a few months after the exchange announced the end of its program of directing retail customers to comply with local regulations, other trading platforms have also registered their services with the Turkish Capital Markets Board.

Binance said in a statement on Wednesday, October 23 that the move was necessary to comply with “local laws and regulations.” Despite the discontinuation of the referral program, the company assured users that there would be no further changes to the platform.

“All referral codes accessed through Binance.com are being invalidated and this feature is no longer offered to Türkiye users.”

Binance

The press release states that existing referrers in Turkey will continue to receive commissions from invitees who sign up before the program ends.

The termination is in line with Turkey’s evolving stance on crypto regulation, especially following the approval of a comprehensive crypto bill mandating strict compliance measures. The law, also supported by ruling party leader Abdullah Güler, provides for severe penalties for non-compliance, including fines of up to $182,600 and possible prison sentences for unauthorized exchange of information.

As a result, many international crypto firms have taken action to obtain licenses and 47 exchanges have applied to operate legally in Turkey.

In September, Turkish Vice President Cevdet Yılmaz confirmed that the government would not impose a tax on profits from crypto or stock trading this year, although it had previously considered such a tax. Instead, following the Turkish stock market crash earlier this year, the focus turned to improving existing tax regulations, particularly “narrowing” tax exemptions.