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Binance CEO Richard Teng and BinanceTR CEO Mücahit Dönmez made a statement about the cryptocurrency regulations that came into force in Turkey.
“The approval of a new legal framework for cryptocurrencies and cryptoasset service providers in Turkey is a positive step for our industry,” said Richard Teng and added:
“As Binance, we closely follow regulatory developments in Turkey and beyond. “We strongly support these developments and will continue to cooperate with regulators to promote a safe, compliant crypto ecosystem for users.”
Mücahit Dönmez stated that Turkey has consolidated its position as a dynamic hub for the crypto asset industry in recent years and has observed remarkable growth and widespread adoption with a vibrant community of users and investors. “Ranking globally in fourth place in terms of transaction volume and twelfth in terms of adoption with 40%, Turkey is an important player in the global crypto ecosystem,” he said.
Dönmez noted that as the crypto ecosystem evolves, regulatory clarity becomes increasingly important to ensure user security and encourage innovation. “With the approval of the crypto asset bill in parliament, Turkey has become one of the largest markets in terms of transaction volume with crypto-specific regulations. “The approval of these proposed regulations in the parliament is an important milestone for all players in the Turkish market,” he said.
With this comprehensive regulation, all crypto asset service providers will be subject to a licensing process to continue their operations in Turkey. Exchanges that started operating before the new law came into force will be able to continue their activities until their license applications are finalized, but they will have to obtain a license to continue their activities in the long term.
According to Dönmez, the license obtained from the state regulatory authorities will increase the reliability of crypto asset platforms operating in this field by ensuring they are placed on a legal basis. Thus, all organizations wishing to take part in the market will have to take strict organizational and operational measures to ensure high user security. This will encourage further innovation and growth and increase user trust and adoption.
Dönmez stated that Turkey's visionary stance in crypto regulations is a guide not only for the domestic industry but also for the global crypto ecosystem. “By approving the new regulations, lawmakers and regulators have demonstrated their commitment to supporting the safety and growth of the industry on a global scale,” he said.
Dönmez concluded his statement as follows:
“As Binance TR, our focus will be on our users. On this path we set out to increase the financial freedom of our users in Turkey, we will always continue to prioritize their experience and interests. Therefore, we strongly support clear and comprehensive regulations to effectively govern the market and establish a global standard. As we prepare for the upcoming regulatory changes in Turkey, we are focused on ensuring full compliance with all requirements. Binance TR has the experience and equipment necessary to comply with the regulations in Turkey. “As a leading crypto asset service provider, we stand behind our commitment to full compliance in Turkey.”
*This is not investment advice.