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.