Regulatory Investigation Triggered the Closure

The Financial Intelligence Unit (FIU) of Korea conducted an on-site inspection of Bithumb on October 1. The investigation focused on whether order book sharing could create gaps in anti-money laundering (AML) and KYC compliance. Violations of the Travel Rule and partnerships with foreign exchanges were identified as particularly risky. Consequently, Bithumb’s short-term partnership with Stellar Exchange intensified regulatory scrutiny, leading to the USDT market suspension decision.

Impact on Users and the Market

All pending orders in the USDT market will be canceled, and API services will be suspended. However, users can continue trading other cryptocurrencies in KRW. Bithumb announced that updates regarding the market reopening will be provided in the future, though no timeline was shared. This situation highlights the delicate balance between international partnerships and regulatory compliance.

Official Statement from Bithumb

Lee Jae-won, CEO of Bithumb, stated:

“Due to system maintenance and legal requirements, we will temporarily suspend our Tether (USDT) market service at 11:00 KST on November 28, 2025. This service is currently in beta and includes order book sharing with Stellar. We are restructuring the service to provide a more stable and advanced trading environment. Updates regarding the reopening schedule will be provided separately.”

Short-Lived Partnership with Stellar Exchange

On September 22, 2025, Bithumb launched a short-term collaboration with Stellar Exchange to enhance liquidity in the USDT market and offer users deeper market access. However, the partnership quickly raised concerns. During this time, employees from BingX were found working at Bithumb’s Seoul office, raising questions about oversight and regulatory compliance. Stellar Exchange is a subsidiary of Singapore-based BingX.

Similar Actions by Other Exchanges

As you may know, Binance TR recently took a similar step by delisting certain USDT trading pairs. This move reflects increasing regulatory pressure and local compliance requirements on stablecoin-based markets.

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Rising Crypto Adoption Rate in Turkey

Dönmez emphasized that the recently approved crypto asset law has made Turkey one of the largest markets with specific regulations for crypto. He stated that Binance TR is focused on full compliance with these regulations. The event discussed Binance’s role in global crypto adoption, Turkey’s educational initiatives, and the future of crypto. Participants also enjoyed a rich experience with social activities and interactive sessions.

Binance TR’s Role and Vision

Dönmez said, “In the last three years, the crypto adoption rate in Turkey has increased from 16% to 40%. This rate has placed Turkey fourth globally in terms of transaction volume and twelfth in terms of crypto adoption.” He emphasized that Binance TR aims to be more than just a crypto exchange but also a player shaping Turkey’s digital future. “We want to make crypto accessible to everyone in Turkey through user-centric products and services and serve as a gateway to the Web3 world,” Dönmez said.

Importance of the Crypto Asset Law and Regulations

Mücahit Dönmez shared his views on the recently enacted law amending the Capital Markets Law regarding crypto assets in Turkey. He stated, “This legal approval is a significant milestone for all actors in the Turkish market.” He evaluated the impact of regulations on the sector: “With this comprehensive regulation, all crypto asset service providers will be subject to a licensing process to operate in Turkey. Licenses obtained from the state’s regulatory authorities will ensure a legal framework for crypto asset platforms, enhancing their credibility. At Binance TR, we strongly support clear and comprehensive regulations to effectively manage the market and create a global standard. As we prepare for upcoming regulatory changes in Turkey, we are focused on full compliance with all requirements.”

Global Perspective and Trends Among Turkish Users

Binance Global Marketing Head Rachel Conlan welcomed the newly enacted crypto asset law, stating that it marks an exciting new era for the industry. Conlan referred to a Binance Research survey: “The openness of Turkish users to new technologies fosters high adoption rates and a dynamic investment environment. A recent Binance Research survey revealed that around 40% of Turkish investors cite the high potential of blockchain technology as a reason for investing in crypto, following profitability and ease of tracking.”

Binance TR’s Educational Initiatives and Future Vision

Conlan discussed global trends in crypto adoption: “Binance reaching 200 million users from 100 million in the last two years shows the rapid adoption of digital assets and blockchain technology. This indicates that the crypto asset unit has moved from ‘early adopters’ to ‘early majority.’ Despite the growing presence and use of crypto assets in our daily lives, the global market penetration rate is only 6.8%, indicating significant growth potential in this sector.”

Binance TR’s Educational Initiatives in Turkey

The event also highlighted Binance TR’s educational initiatives in Turkey. The Binance Women in Tech Academy project, in particular, stands out as a significant step towards encouraging the participation of women and young people in the crypto ecosystem. The Binance TR Super Meeting offered participants a rich experience with social activities, meetings with sponsors, and interactive sessions.

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