After banning payments in cryptocurrencies and failed crypto transactions, the Turkish government has updated the country’s cryptocurrency regulations.

  • The new rules were published in the Official Gazette on Saturday, adding crypto trading platforms to the list of entities covered by anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.
  • The “Official Gazette” pointed out that the country’s latest expansion of cryptocurrency trading rules will take effect immediately. Cryptographic service providers must now comply with existing regulations.
  • The government previously stated that it plans to establish a central custodian bank to eliminate counterparty risks, among other terms.
  • The Central Bank of Turkey recently banned the use of cryptocurrency payments. After the ban, the two Turkish cryptocurrency exchanges Thodex and Vebitcoin suddenly stopped trading and are currently undergoing fraud investigations.
  • Six people involved in the fraud investigation of the crypto exchange Thodex have been sentenced to jail, and Thodex CEO Faruk Fatih Ozer has fled the country. Turkish authorities and Interpol are looking for him in four countries.

What do you think of Turkey’s extension of AML and CFT regulations to cryptocurrency exchanges? Let us know in the comments section below.

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