As a seasoned crypto investor with a keen eye for regulatory developments, I find the recent move by Binance to terminate its retail referral program in Turkey intriguing, to say the least. Having navigated through numerous regulatory changes across different jurisdictions, I’ve learned that compliance is key to survival in this dynamic industry.
The cryptocurrency platform Binance has recently concluded its referral program for individual investors in Turkey, not long after officially registering its operations with the country’s regulatory body.
As a crypto investor, I’ve noticed that Binance, my go-to cryptocurrency exchange, is adjusting its operations in Turkey. They recently announced the discontinuation of their referral program for retail customers, a move aimed at adhering to local regulations. This decision comes just months after Binance, along with other trading platforms, registered its services with Turkey’s Capital Markets Board. It seems they are committed to complying with the laws of the land to ensure smooth and secure operations for us, their valued customers.
On October 23rd, in a statement issued on a Wednesday, Binance explained that the decision to cease their referral program was made in order to adhere to local laws and regulations. They want to clarify that this is the only change users will see on the platform, as other aspects will remain unaltered.
On Binance.com, all referral codes are now considered invalid and the feature related to them is no longer accessible for users residing in Turkey.
Binance
As an analyst, I can confirm that the existing referrers in Turkey will continue to be eligible for their commission from the registrants who signed up prior to the conclusion of the program, as stated in our recent announcement.
The shutdown coincides with Turkey’s shifting views on cryptocurrency regulations, notably following the passage of a broad crypto law that mandates stringent compliance standards. This regulation, supported by the chairman of the ruling party Abdullah Güler, carries heavy penalties for non-compliance, such as fines reaching $182,600 and possible jail terms for unauthorized exchange activities.
Consequently, numerous global cryptocurrency companies have been quick to apply for operating licenses, as 47 exchanges have submitted applications to do so lawfully in Turkey.
This September, Turkey’s Vice President Cevdet Yilmaz announced that the government will not instate a tax on crypto or stock trading earnings for this year, contrary to initial thoughts. Instead, efforts are being directed towards fine-tuning current tax laws, particularly by reducing certain tax exemptions, in response to a downturn in Turkey’s stock market earlier in the year.
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2024-10-23 12:16