2 Turkish Crypto Exchanges Investigated for Fraud After Central Bank Bans Cry...
Two Turkish cryptocurrency exchanges are being investigated by the authorities in Turkey after they abruptly halted trading. The authorities have blocked access to the bank accounts of the second exchange and detained four people so far. Sixty-two people have been detained in connection with the first exchange whose CEO has fled the country. Second Turkish Crypto Exchange Being Investigated Following the alleged exit scam pulled by cryptocurrency exchange Thodex, another crypto trading platform is being investigated by Turkish authorities, the state-run Anadolu news agency said Friday.....
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The Turkish government is reportedly creating a regulatory framework for cryptocurrencies after two crypto exchanges in the country abruptly halted trading and are now being investigated for fraud. The government is reportedly planning to establish a central custodian bank among other initiatives. The Turkish government is working on cryptocurrency regulation. Bloomberg reported on Tuesday that “The government is planning to establish a central custodian bank to eliminate counterparty risk,” citing a senior official familiar with the plans. The Treasury & Finance Ministry,....
Turkey's central bank is also banning payment providers from offering fiat-to-crypto onramps for cryptocurrency exchanges. A new ban in Turkey will prohibit crypto holders from using their digital assets for payments, in addition to preventing payment providers from adding funds to their digital wallets at crypto exchanges.According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.The bank stated, “any direct or indirect usage of crypto assets in payment....
Turkey’s Minister of Treasury and Finance sheds light on regulatory actions following an alleged $150-million crypto exchange scam. Crypto exchanges with a presence in Turkey must now inform the Financial Crimes Investigation Board, or MASAK, about any crypto transactions over 10,000 Turkish liras ($1,200). Turkish Minister of Treasury and Finance Lütfi Elvan announced the new policy on a CNN Turk live broadcast last night. Two weeks after a $150-million fraud involving a major crypto exchange in Turkey, Elvan shared updates on the government’s draft crypto regulation on live TV. Turkey’s....
The National Bank of the Kyrgyz Republic (NBKR) revealed its new-year plans for the national crypto industry. They are about to introduce two drafts to regulate the country’s exchanges that aim to combat terrorism, money laundering, and protecting consumers. Kyrgyzstan Central Bank Set to Introduce Two Crypto Bills to Combat Terrorism Financing and Fraud According to Sputnik Kyrgyzstan, the central bank’s bills hope to add a series of anti-money laundering (AML) and combating the financing of terrorism (CFT) measures that should force local crypto exchanges to report their....
The Turkish government’s plans for cryptocurrencies draw a stark contrast to its central bank digital currency intentions. Turkey is eager to become a blockchain hub as a country with one leg in Europe and another in Asia. However, the same passion doesn’t apply to cryptocurrencies, as Turkish President Recep Tayyib Erdoğan reiterated recently.Erdoğan hosted a question and answer event in Mersin, Turkey with youth from across the country. An attendant referred to the Digital Turkish Lira Collaboration Platform announced last week, and asked if the central bank would embrace....