In a statement on its blog page, Binance stated that it closely follows the crypto asset regulations in Turkey and has taken the necessary steps to comply with these regulations. The company announced that it will continue to provide services for Turkish users but will completely stop direct marketing activities within the framework of new regulations. In the statement, “We will continue to provide services to our Turkish users. However, we have decided to stop our direct marketing activities in Turkey within the framework of the new regulations.”

The new law published in the Official Gazette requires crypto asset service providers to obtain authorization from the Capital Markets Board (CMB). At the same time, it was also stipulated that the partners of these service providers should not be bankrupt. With the entry into force of the law, crypto asset service providers in Turkey must apply to the CMB within one month to obtain an operating license.

Binance stated that they are in cooperation with regulators in Turkey and globally and said, “We recognize the importance of establishing a legal framework for the industry for the protection and development of the ecosystem and we support the regulations.”

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