Turkey Adds Crypto Trading Platforms to List of Firms Covered by AML Regulations
The country's latest move to rein in cryptocurrencies went into effect immediately.
Turkey added cryptocurrency trading platforms to the list of firms covered by anti-money laundering (AML) and terrorism financing regulations, a day after the country's ban on the use of crypto for payments went into effect.
- According to a presidential decree published in the Official Gazette early on Saturday, the country's latest move to rein in cryptocurrencies went into effect immediately.
- Turkey began tightening restrictions on the cryptocurrency industry in mid-April with the aforementioned ban on crypto as a means of payment.
- Prior to the ban, crypto use was soaring thanks in part to the Turkish lira facing significant outside selling pressure.
- Since the ban was announced, two crypto exchanges have been shut down and employees from each were detained together with allegations of missing funds. Most recently, six people were jailed pending trial in connection with the probe into one of those exchanges, Thodex, which recently went offline with its CEO going missing.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.