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Turkish Finance Minister meets virtually with Binance founder to discuss crypto

Legal

finbold.com 27 July 2022 14:33, UTC
  
Reading time: ~2 m

Turkish Finance Minister Nureddin Nebati has confirmed holding a virtual meeting with Changpeng Zhao, the founder of the Binance crypto exchange. 

Through a tweet posted on July 27, Nebati stated that the meeting centered around the blockchain ecosystem and cryptocurrencies. 

It’s also worth mentioning that Turkey has been working on laws related to crypto.

Binance increasing footprint in Turkey 

The meeting comes just months after Binance expanded its footprint in Turkey by opening a customer service center. 

At the launch, Binance noted that the service center serves customers with 24/7 support through its app. Notably, the center is part of Binance pilot tests, and the success will likely see similar centers opened in other regions globally. 

Overall, Turkey is among countries registering high cryptocurrency interest, with citizens investing in different assets to tackle skyrocketing inflation. 

However, the relations between Binance and Turkey have not been rosy, with the exchange suffering the impact of the country’s recent crypto laws. In December last year, Turkish authorities slapped Binance with a fine of the maximum amount of $750,000 for failing to observe new regulations. At the time, the penalty was considered the first of its kind.

Binance was accused of failing to provide customer information related to money laundering in accordance with new laws enacted early last year. 

Binance global legal woes 

Notably, the Binance woes in the country mirrored the exchange’s predicaments in other jurisdictions where it came under scrutiny for failing to implement strict measures to curb money laundering and other related crypto risks. 

As reported by Finbold, an investigation revealed that the exchange was allegedly used to launder over $2.3 billion in illicit funds. Consequently, Binance has since increased its focus on hiring compliance personnel to satisfy the requirements of different jurisdictions. 


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