Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is reportedly “banned” in Turkey.
The ban was announced in an unconfirmed report by online publication Bitcoinist on September 12, 2018. The report claimed that the Turkish Financial Crimes Investigation Board (MASAK) had sent a circular to local banks informing them that Binance was not authorized to operate in the country.
The report has not been confirmed by any official sources, and Binance has not made any public statement on the matter. However, if the report is accurate, it would not be the first time that Binance has been “banned” in a country.
In July 2018, Binance was reportedly “banned” in Japan after the Japanese Financial Services Agency (FSA) issued a warning to the exchange. However, Binance was never actually banned in Japan and continues to operate legally in the country.
It is possible that the same situation is happening in Turkey. The Turkish government has not issued any official statement on the matter, and Binance has not made any public statement either.
NOTE: WARNING: Binance has been declared illegal in Turkey and its use is prohibited. Trading on Binance or any other unauthorized platform is considered to be a violation of Turkish law. Any user found guilty of engaging in any kind of trading activity related to Binance can face severe legal repercussions.
It is possible that the Bitcoinist report is inaccurate, and that Binance is not actually banned in Turkey.
However, if the report is accurate, it would not be surprising given the Turkish government’s recent crackdown on cryptocurrency exchanges. In April 2018, the Turkish government banned cryptocurrency payments on local exchanges.
And in September 2018, the Turkish Central Bank banned the use of credit cards to buy cryptocurrencies.
The Turkish government’s crackdown on cryptocurrency exchanges appears to be part of a wider crackdown on all aspects of cryptocurrency in the country. In July 2018, Turkey’s Banking Regulation and Supervision Agency (BDDK) announced that it was investigating crypto exchanges in the country.
And in August 2018, Turkey’s Capital Markets Board (SPK) announced that it was considering regulations for ICOs and crypto exchanges.
It is possible that Binance is currently operating illegally in Turkey and that the exchange could be shut down by the government at any time. However, until there is an official announcement from either the Turkish government or Binance, it is impossible to know for sure what is happening.
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Binance is a digital asset exchange with offices in multiple countries, including Japan, Malta, and the United Kingdom. The company was founded in China but later moved its headquarters to Malta. Binance is the world’s largest cryptocurrency exchange by trading volume.
Turkish citizens have been increasingly active in the cryptocurrency space in recent years. The country has one of the highest Bitcoin trading volumes in the world. However, the Turkish government has not yet regulated cryptocurrencies, and there is no official position on their status.
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“Binance is not registered with the SEC as a broker-dealer or investment adviser, and is not registered with the Texas State Securities Board as a dealer or investment adviser,” the order reads.
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Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is reportedly no longer serving its customers in the United Kingdom. The exchange has allegedly ceased all operations in the UK, including customer support, and has instructed its users to withdraw their funds by October 31. The news of Binance’s departure from the UK comes just days after another major crypto exchange, Coinbase, announced its plans to expand its services in the country.
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