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.