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Highlights
- Local regulations in Turkey has made Binance adjust some of its operations
- The exchange said its exclusive turkish language offering will be sunsetted
- Binance regulatory strain is far from over
Leading cryptocurrency exchange Binance has revealed some changes that it is making to its services in Turkey.
Binance Remove Turkish Language Option For Users
In a letter to Binance users, the exchange highlighted the few recently introduced alterations in Turkey. Within the next 3 months, the Turkish-language option on the platform will be withdrawn gradually until it is removed. Secondly, all direct marketing activities for Binance users in the region will also be suspended.
Turkey’s new crypto framework is a positive step forward for the industry.
At #Binance, we support these developments and will keep collaborating with regulators for a secure, compliant crypto ecosystem.
More details here ⤵️ https://t.co/1ueOliKUYd
— Binance (@binance) July 2, 2024
Binance stated that these changes are part of the exchange’s effort to uphold transparency and regulatory compliance on its platform.
These decisions could impact on the interaction of Turkish users with the Binance platform but the exchange believes that they are next necessary steps it has to take. It assured users of the safety of the funds, adding that deposits and withdrawal functions will remain active for its Turkish users.
Binance noted that it has closely monitored the regulatory development in Turkey. The company highlighted its commitment to collaborating with regulators across several jurisdictions. It noted that its aim is to support a compliant business environment for users.
Binance Facing Regulatory Challenges
Like Coinbase, Binance has put in effort into persuading U.S. regulators to set up a robust regulatory framework for the region. The firm is one of the victims of the U.S. Securities and Exchange Commission’s (SEC) crackdown on cryptocurrency exchanges in 2023. It was indicted by the regulator for a couple of charges including operating in the region as an unregistered broker. It was also accused of commingling company and customer assets, misuse of customer funds, and possible market manipulation of native tokens.
Its founder, Changpeng ‘CZ’ Zhao, who stepped down from his position as CEO of the exchange last year, is currently facing a four-month jail term. He was accused of leading the exchange to violate Anti-money Laundering (AML) rules and he plead guilty to the charge. Binance is equally facing challenges in Nigeria with two of its executives caught between the authorities in the West African nation. Till now, its services is currently restricted in Nigeria.
Though the exchange claims to have made this changes to its Turkish platform after careful monitoring, this move could mark the firm’s gradual exit from the region.
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