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.
Turkish Government Warms Up to Crypto, Charts Regulatory Course
A senior Turkish government minister says he no longer has negative feelings toward crypto and regulations targeting fraud are in the making.
In brief
A senior Turkish minister said that he’s recently had a change of heart about crypto, also highlighting the government’s plans to regulate it.
Experts told
Decrypt that fraud in crypto is a growing concern in Turkey.
Turkish Minister of Industry and Technology, Mustafa Varank, said today in an interview with the local media
Bloomberg HT that the government will soon introduce crypto regulations, also adding, “I’m no longer feeling negative toward crypto. Now I understand that they are effective.”