Binance, Bitfinex, OKX rush to register services in Turkey

Binance, Bitfinex are rushing to register their services in Turkey as the country has finalized its regulatory stance on crypto.

International cryptocurrency exchanges are rushing to register their services in Turkey following the country’s finalization of its regulatory stance on crypto.

Per data from the Capital Markets Board of Turkey, Turkey’s financial regulatory and supervisory agency, a total of 47 crypto exchanges, including Binance, Bitfinex, and OKX, have applied to the list to indicate their intentions to offer services in the country. The regulator noted though that the inclusion does not mean that the firms are authorized to offer their services.

The wave of applications follows the recent approval of a crypto bill by Turkish legislators, led by ruling party chairman Abdullah Güler, which imposes fines of up to $182,600 and prison sentences of up to five years for non-compliance. As crypto.news Türkiye reported earlier, under the new bill, crypto exchanges that wish to operate legally in the country must be licensed by the Capital Markets Board. Unauthorized crypto platforms offering trading services could face prison sentences of three to five years.

Turkey clarifies its crypto regulation

Under the new regulations, crypto providers in Turkey are mandated 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 emerged as a key crypto hub in the Middle East, ranking fourth globally in raw crypto transaction volume in 2022, with $170 billion received, according to data from blockchain forensic firm Chainalysis. Despite this, the list excludes any U.S.-based exchanges such as Coinbase or Gemini, while including platforms like Whitebit and local players such as BTCTurk.