Binance, Huobi Hurt By Turkey’s Crypto Ban While Locals Dodge a Bullet
As the Turkish government barred fintechs dealing with crypto, foreign exchanges active in Turkey, such as Binance and Huobi, face tough weeks ahead.
In brief
Turkey banned crypto payments but legally recognized crypto assets.
Fintechs are also banned from dealing with crypto, but local exchanges told Decrypt it’s a small share of the industry.
But foreign exchanges like Binance, which rely on local fintechs for deposits and withdrawals, will have to revise their business model in Turkey.
A ban on crypto payments processors by Turkey’s central bank Friday will hurt the smattering of foreign cryptocurrency exchanges that operate in the country, including Binance and Huobi.
Market-leading Turkish fintech Papara has appointed
Ziya Uçar, Founding Member of Istanbul Police Department s Anti-Cyber Crime Branch as Corporate Relations Director for cybersecurity. He will be responsible for implementing and managing intrusion detection and preventative controls against cybercrime at the fintech.
Papara is a Financial SuperApp offering instant, free, multi-currency transfers to consumers as well as providing a one-stop shop for paying bills, trading digital currencies and tracking spending habits. It also facilitates mass-payment for businesses, offers a corporate card which can be tailored to facilitate varying spending patterns and enables a secure check-out option for merchants. Targeting the underbanked and underserved, Papara has grown since launch in Tukey in 2016 to become Turkey’s largest fintech company with a current customer base of over six million registered users.