Binance, Bitfinex, OKX rush to register services in Turkey

Major companies such as Binance and Bitfinex are rushing to register their services in Turkey after the country clarified its regulatory stance on cryptocurrencies.

International cryptocurrency exchanges are rushing to register their services in Turkey after the country clarified its regulatory stance on cryptocurrencies.

According to data from the Capital Markets Board, Turkey’s financial regulatory and supervisory authority, a total of 47 crypto exchanges, including Binance, Bitfinex, and OKX, have applied for the listing to indicate their intention to offer services in the country. However, the regulator noted that this addition does not mean that the companies are authorized to offer their services.

The wave of applications comes after Turkish legislators, led by ruling party chairman Abdullah Güler, recently approved a crypto bill. The bill stipulates a fine of up to $182,600 and up to five years in prison for non-compliance. As Crypto.news Turkey previously reported, under the new bill, crypto exchanges that want to operate legally in the country must obtain a license from the Capital Markets Board. Unauthorized crypto platforms offering trading services could face a prison sentence of three to five years.

Türkiye clarifies crypto regulation

Under the new regulations, crypto providers in Turkey are required to implement and report measures such as asset seizures and other law enforcement actions. They must also ensure that customer fund transfers, including deposits and withdrawals, are accessible and traceable to legal authorities.

Turkey has emerged as a major crypto hub in the Middle East, ranking fourth globally in raw crypto trading volume in 2022, taking in $170 billion, according to data from blockchain forensics firm Chainalysis. Despite this, the list excludes US-based exchanges like Coinbase or Gemini, while it does include platforms like Whitebit and local players like BTCTurk.