The Turkish Grand National Assembly passed the bill on the regulation of the cryptocurrency market. The law was published in the Official Gazette and entered into force. Following this development, Binance Global announced some adjustments to its services in Turkey. In its announcement, the exchange stated that Binance.com will remain accessible for users in Turkey, but the Turkish language will be turned off for the next three months. However, some issues raised questions and the exchange responded to users’ questions today.
Binance answered the questions of Turkish users!
As you have been following on Kriptokoin.com, Binance made a statement after the cryptocurrency law in Turkey was published in the Official Gazette. However, Binance Global’s statement raised some questions. For this reason, the exchange made another statement today in response to the relevant questions. The exchange assured users that they will continue to access Binance.com in compliance with regulations. However, it noted that some changes will be made to certain activities in Turkey to comply with the law. These changes include the phasing out of Turkish language support on Binance.com over three months and the exclusion of certain ads and campaigns targeting Turkish users.
Turkish users will continue to be able to use Binance.com in English or other supported languages without any changes. The exchange will continue to provide customer service support to Turkish users. In addition, Turkish users will be able to participate in global campaigns independently. The exchange also clarified the differences between Binance TR and Binance.com. Accordingly, it stated that although both platforms offer cryptocurrency trading services, they operate under different business models. In this context, the exchange underlined the following points where questions were concentrated:
- Turkish language support on Binance.com will be phased out within 3 months, but Turkish users will be able to use the platform in languages other than Turkish.
- Binance will not run any special advertising or campaigns for Turkish users. However, there is no barrier for Turkish users to participate in global campaigns.
- Turkish customer service support will continue for Turkish users.
Turkish cryptocurrency assets regulation
According to the new crypto asset regulation bill, crypto asset service providers must obtain a license from the Capital Markets Board (CMB) in order to be established or start operating in the country. The law mandates that individuals and officials of legal entities found to be operating as cryptoasset service providers without authorization will face three to five years in prison and a judicial fine ranging from 5,000 to 10,000 days.
Any service provider found to have siphoned off money or crypto assets will face between 8 to 14 years in prison and a fine of up to 5,000 days. It will also have to compensate for damages. There is still no regulation on the taxation of cryptocurrency assets in Turkey. However, the issue will be addressed with a separate law or regulation in the coming times.
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