Binance has announced that it will remove the Turkish language option from its website and app as of September 27, 2024.
The move comes in response to new regulations introduced by the Turkish Grand National Assembly on July 2, 2024, which impose stricter requirements on non-Türkiye-based crypto asset service providers.
“Compliance with legal requirements is essential”
The global crypto exchange emphasized its commitment to providing a secure and compliant platform for its users. Binance stated that it continues to work closely with Turkish lawmakers to ensure uninterrupted service, despite the regulatory changes.
“We understand this may impact some of our users, but compliance with legal requirements is essential,” Binance stated. The platform will remain accessible to users in Türkiye with all services available, except for the Turkish language option.
This regulatory shift highlights Binance’s ongoing efforts to align with legal frameworks in the markets it serves, both domestically and globally.
Crypto industry adopting Türkiye’s new regulations
The new cryptoasset regulations in Türkiye, published on July 2, 2024, bring significant changes to the crypto industry. These regulations, part of amendments to Capital Markets Law No. 6362, introduce licensing, compliance, and transaction requirements for cryptoasset service providers (Service Providers), including trading platforms and custodians. Key provisions include:
- Licensing: Service Providers must obtain a license from the Capital Markets Board (CMB) and join the Turkish Capital Markets Association. Foreign platforms targeting Turkish residents must halt services unless licensed by the CMB.
- Classification of Cryptoassets: The regulations categorize cryptoassets as security, electronic money, utility, and distributed ledger technology assets (e.g., Bitcoin). Each classification is subject to different regulatory frameworks.
- Compliance and Governance: Shareholders and directors must meet specific requirements, with restrictions on share transfers. Platforms must comply with information systems standards set by TÜBİTAK.
- Financial Obligations: Platforms must pay a fee of 2% of total income to the CMB and TÜBİTAK.
- Client Protection: Contracts between platforms and users must adhere to CMB guidelines, ensuring transparency and safety.
- Sanctions and Penalties: Non-compliant platforms face penalties, including fines, imprisonment, or license revocation. Unauthorized activities may result in blocking access to websites.
