On December 25, 2024, significant regulatory changes regarding cryptocurrency were announced in Turkey’s Official Gazette. In response to this, Binance TR revealed plans to introduce new requirements for users making cryptocurrency deposits and withdrawals beginning February 25, 2025. These measures aim to bolster anti-money laundering efforts and combat terrorism financing by mandating users to provide essential details about the sender or receiver during transactions.
What Are the New Transfer Requirements?
The updated regulations stipulate that transactions involving amounts of 15,000 Turkish Lira or more will necessitate enhanced identity verification. Cryptocurrency exchanges are now required to confirm the sender’s identity, including personal details and wallet information. Although recipient details will also be documented, these will not undergo mandatory verification. If a recipient platform is unable to validate the sender’s identity, the transaction will be canceled.
How Will Identity Verification Work?
To align with these regulations, Binance TR will enforce the collection of additional information for cryptocurrency transfers starting February 25. Notably, this change affects only cryptocurrency transactions, leaving fiat currency withdrawals unaffected. Identity validations will utilize the Ministry of Interior’s Identity Sharing System, and remote verification will be subject to specific regulatory standards.
With these new regulations, cryptocurrency exchanges must appoint a compliance officer and develop legal compliance frameworks within a month, ensuring adherence by the deadline. Additionally, existing users must have their identities verified within four months.
– Enhanced identity verification for transfers surpassing 15,000 Turkish Lira.
– Recipients’ details recorded but not mandatory for verification.
– Compliance with the Identity Sharing System for identity validation.
– Platforms must appoint compliance officers by the February deadline.
The regulatory landscape for cryptocurrency transactions in Turkey is set to change significantly, as Binance TR prepares to implement these new rules early next year, reflecting a growing emphasis on security and compliance in the ever-evolving crypto market.
