Binance CEO and Binance Turkey CEO Speak Out on Cryptocurrency Regulation in Turkey
Binance CEO Richard Teng and BinanceTR CEO Mücahit Dönmez have expressed their thoughts on the cryptocurrency regulations recently implemented in Turkey.
The approval of a new legal framework for cryptocurrencies and cryptoasset service providers in Turkey is seen as a positive step by Richard Teng. He emphasized Binance’s commitment to closely monitoring regulatory developments in Turkey and beyond, stating that they support these developments and are willing to cooperate with regulators to ensure a safe and compliant crypto ecosystem.
Mücahit Dönmez highlighted Turkey’s significant position in the global crypto ecosystem, ranking fourth in terms of transaction volume and twelfth in terms of adoption. He emphasized the importance of regulatory clarity for user security and innovation, and stressed that the approval of the crypto asset bill in parliament is a crucial milestone for all players in the Turkish market.
The comprehensive regulation will require all crypto asset service providers to undergo a licensing process to continue their operations in Turkey. Those who have already begun operating will be allowed to continue until their license applications are finalized, but long-term activities will require a license.
Dönmez emphasized that obtaining a license from state regulatory authorities will enhance the reliability of crypto asset platforms and encourage innovation, growth, and user trust and adoption. He also applauded Turkey’s visionary stance in crypto regulations, stating that it sets a global standard for the industry.
BinanceTR is committed to prioritizing user experience and interests while ensuring full compliance with the upcoming regulatory changes in Turkey. They believe in establishing a global standard for effective market governance and are fully equipped to comply with the regulations in Turkey.
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