Turkey Updates Cryptocurrency Regulation Amid Payments Ban and Collapsing Exchanges

Turkey Updates Cryptocurrency Regulation Amid Payments Ban and Collapsing Exchanges

Turkey Updates Cryptocurrency Regulation Amid Crypto Payment Ban and Collapsing Exchanges

The Turkish government has updated the country’s cryptocurrency regulation following the banning of cryptocurrencies for payments and failing crypto exchanges.

  • Published in the Official Gazette on Saturday, the new rule adds crypto trading platforms to the list of entities covered by anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
  • The Official Gazette states that the country’s latest expansion of rules covering cryptocurrency transactions would take immediate effect. Crypto service providers must now comply with existing regulations.
  • The government previously said that it plans to establish a central custodian bank to eliminate counterparty risk among other provisions.

if (!window.GrowJs) { (function () { var s = document.createElement(‘script’); s.async = true; s.type = ‘text/javascript’; s.src = ‘https://bitcoinads.growadvertising.com/adserve/app’; var n = document.getElementsByTagName(“script”)[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } });

  • Turkey’s central bank recently banned the use of cryptocurrencies for payments. Following the ban, two Turkish cryptocurrency exchanges, Thodex and Vebitcoin, halted trading abruptly and are now being investigated for fraud.
  • Six people have been jailed in connection with the fraud investigation of the crypto exchange Thodex, whose CEO Faruk Fatih Ozer has fled the country. Turkish authorities and Interpol are looking for him in four countries.

What do you think about Turkey extending AML and CFT regulations to cryptocurrency exchanges? Let us know in the comments section below.

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: