Efforts to regulate the crypto market around the world continue unabated. Turkey, with the effect of its position in the crypto world, took its place among those who took steps in the field of regulation. In this context, the first law regulating the cryptocurrency market was published in the official gazette and entered into force. Following this development, Binance, the world’s largest crypto exchange, made some statements both on a global and local scale.
Binance Global suspends Turkey services!
As you have been following on Kriptokoin.com, Turkey has taken its first step in terms of crypto regulation. We will see how the markets will react to this development over time. However, Binance Global, the global arm of leading crypto exchange Binance, announced that it will cease its operations in the country following the publication of the cryptocurrency law in Turkey. The exchange stated that it is committed to transparency and regulatory compliance. It is also closely monitoring legal developments in Turkey. The company emphasizes the importance of collaboration with regulators to create a harmonious environment. It also supports the development of a regulatory framework for the industry. Binance emphasizes that it will take all necessary measures to ensure compliance in Turkey and globally.
Meanwhile, Binance.com will remain accessible in Turkey. However, there will be some adjustments to its services. Turkish language selection will be gradually turned off for a period of 3 months. Also, all direct marketing activities targeting Turkish users will be halted. Binance recognizes that these changes may affect some users. However, it assures that the security and experience of all users will remain a top priority. User funds will remain secure. Also, deposit/withdrawal functions will remain available. Accordingly, the exchange shared its announcement with the following statement:
Turkey’s new crypto framework is a positive step for the industry. Binance supports these developments and will continue to collaborate with regulators for a secure, compliant crypto ecosystem. (…)
Binance TR also released a statement!
After the cryptocurrency law was published in the Official Gazette, Binance TR also made statements regarding the regulations. The exchange expressed their commitment to cooperate with regulators. It also emphasized the importance of a legal framework for the protection and growth of the crypto ecosystem.
Binance TR assured its users that they will comply with all legal requirements and that ensuring the safety and satisfaction of its users remains a top priority. It also assured users that their funds are safe and that deposit and withdrawal functions will continue to be available.
Exchange expands support for WIF, ZK and ZRO
According to Binance’s latest announcement, trading will open for the WIF/BRL, ZK/USDC, and ZRO/USDC pairs on July 3rd at 2:00 p.m. PT. The move marks another step in Binance’s ongoing efforts to provide its users with a variety of trading options and strong market opportunities. Furthermore, the selection of USD Coin (USDC) for the pair is significant as it comes after Circle received the MiCA e-money license.
Also, the inclusion of the Brazilian Real (BR) as a trading pair is particularly noteworthy. This highlights Binance’s strategy to integrate more fiat currencies, making the platform more accessible to users worldwide. In addition to the new trading pairs, Binance will also enable Trading Bots services for WIF/BRL, ZK/USDC and ZRO/USDC.
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