Turkey toughens rules after 2 exchanges close – CoinTribune

Central Bank of Cryptocurrencies: The fight against the absurdity of government measures to combat fraud in the cryptosphere is about to begin. Turkey may tighten its tone against crypto players following the suspicious behavior of two exchanges in the country.

Concept for cryptocurrency and blockchain investors in Cambodia and Turkey. Bitcoins on the background of the flag of Cambodia and Turkey.

Centralize to secure

The Turkish government plans to set up a central bank to hold cryptocurrencies after two major exchanges blocked their clients for the week of April 19, 2021.

Exchange Todex suddenly went bankrupt and did not allow his clients to withdraw funds. Faced with multiple suspicions of fraud, CEO Todex, Fatih Farouk Ozer, pointed out that the suspension is related to cyber attacks.

The government did not hear this. Staff Todex was shut down, computers were seized, exchange bank accounts were frozen.

IN Turkey started extradition proceedingsLakes Albania, where he visited when Todex ceased its activities.

Soon after disconnecting Todexrival exchange Webitcoin terminated its transactions and blocked its users.

He said the “intense” deals put the company in “dire financial straits.”

State Financial Crimes Observer, MASAK, froze his bank accounts and launched an investigation.

Authorities can also require exchanges to maintain a certain amount of liquidity. Crypto exchange leaders may be subject to accreditation.

These provisions are aimed at limiting the risks that Turkish investors bear in the event of an exchange failure.

To hardening

central bank Turkey banned cryptocurrency payments in early April 2021. This measure prevents the normal functioning of foreign exchanges such as Binancewho can no longer use local payment services to deposit and withdraw Turkish Lira.

Nevertheless, exchanges can cooperate with Turkish banks without falling under these restrictions. Local exchanges working with local banks were not affected by this ban.

According to a 2020 consumer survey, 16% of Turks have used or owned bitcoin (BTC), double the rate of Bitcoin adoption by Americans. The cryptosphere is expected to launch bounty hunters after scammers. The latter are the main actors in legitimizing the war that the government is waging against cryptocurrencies, against new finances.

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The comments and opinions expressed in this article are those of the author only and should not be construed as investment advice. Do your own research before making any investment decisions.

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