Today, Turkey introduced stricter anti-money laundering (AML) regulations regarding cryptocurrencies. In particular, as of 25 February 2025, users who make transactions over 15,000 TL will be required to provide their credentials to the country’s cryptocurrency service providers. Amid these developments, a giant whale withdrew a large amount of ETH from the leading crypto exchange BTCTurk.
Whale took action in the middle of cryptocurrency regulation!
As you follow from Kriptokoin.com, Turkey has been on the agenda with important cryptocurrency regulation today. Interestingly, there was a large Ethereum (ETH) withdrawal on the popular Turkish crypto exchange BTCTurk. According to a report from whale watcher Whale Alert, 20,000 ETH, equivalent to 69.87 million, was withdrawn from the exchange to an unknown wallet under the address ‘0x76eC’. The receiving address is probably new. Also, it has not made any transactions to date. However, all transactions made today took place with the participation of BTCTurk. According to experts, on the one hand, this means that the address belongs to the exchange itself. On the other hand, it may be the wallet of a large investor who moved his funds in connection with the latest news.
According to Kaiko’s data, the Turkish lira has become the world’s third fiat currency in terms of crypto trading volume amid high inflation and weak TL. The share of the Turkish lira (TRY) in the crypto market reached 19% in the first half of 2024. This marks a record high globally. There is likely to be some uneasiness due to new regulations and the volume of the Turkish cryptocurrency market. However, given the dynamics of crypto prices in recent days, such regulatory FUD is unlikely to have a significant impact on bids.
Turkey introduces stricter crypto AML regulations
Turkey introduced new cryptocurrency regulations in the last week of 2024, inspired by positive regulatory developments in leading jurisdictions around the world, including Europe. The new regulation will come into effect on 25 February 2025. It will enable the country’s crypto service providers to stop ‘risky’ crypto transactions with insufficient user information. Under the new regime, users who transact more than 15,000 Turkish liras ($425) will be required to share their credentials with the country’s crypto service providers. This regulation aims to prevent the laundering of illicit funds and the financing of terrorism through cryptocurrency transactions.
Crypto service providers are required to collect information for digital asset transfers below the $425 threshold. Turkey’s new regulatory bill came a week before the implementation of MiCA. MiCA will enter into force on 30 December. Thus, it will be the world’s first comprehensive crypto regulatory framework. Turkey’s move came at a time of increasing interest in crypto regulation.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channel to stay up to date with breaking news !
