Turkey has an important position in the world of cryptocurrency. The increase in people investing in this field also attracts banks to this field. However, with the crypto space starting to be regulated, some organisations are ceasing to provide this service. QNB, a leading bank based in Turkey, announced the end of crypto services.
QNB has terminated cryptocurrency services!
As you follow from Kriptokoin.com, the interest in cryptocurrencies in Turkey is quite high. For this reason, many of the world’s leading crypto exchanges also serve in Turkey. In addition, banks have also started to enter this field. However, due to some setbacks, some of them give up providing cryptocurrency services. Qatar National Bank (QNB), one of Turkey’s largest banks, abruptly ended these services shortly after the start of crypto activities.
The bank, operating as QNB Digital Assets, applied to the Capital Markets Board in August to provide cryptocurrency services. However, interestingly, it has now announced the end of these activities. This decision follows new cryptocurrency regulations that have recently come into force in Turkey. QNB Digital Assets did not provide any specific reasons. In this context, he made the following statement:
As QNB Digital Assets Incorporated Company (QNB Digital Assets), we would like to inform you that we have terminated our crypto asset service provider activities as of 07/11/20204, that we have notified the Capital Markets Board in this context and that we will not accept new customers as of the said date. We would like to state that we have notified our customers registered on our platform via e-mail and that you can reach us at [email protected] e-mail address in this process.
Is altcoin season starting in the crypto market?
Following Donald Trump’s victory in the 5 November US presidential election, the cryptocurrency market has been on the rise. Crypto analysts consider the recent turnaround critical due to the notable signs it has left in the crypto market, especially regarding altcoins and the start of an altseason. Recent data shows that the altcoin market capitalisation (TOTAL2) has risen above a significant resistance post-election. This is a sign that users are raising hopes that an altseason is finally near.
TOTAL2 rose above $1 trillion last Wednesday. Thus, it jumped above multiple resistances on the metric’s daily chart. This move took TOTAL2 out of its prolonged sideways trading range, leading analysts to suggest that the long-awaited subseason may have arrived. Altseason refers to a period when altcoins, including Ethereum and other non-Bitcoin cryptocurrencies, outperform Bitcoin in a bull run. These events are rare and tend to be short but intense. They also often set all-time highs for multiple altcoins.
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