The Turkish Finance Minister has organized a video meeting with Changpeng Zhao where they will discuss blockchain evolution in Turkey. We got the news from a tweet from the finance minister who posted on July 27. According to the suggestions of current data, Turkey holds the largest number of cryptocurrency users among European countries. In addition, it is working on legislation that will regulate cryptocurrencies.
Nureddin Nebati is the Finance Minister of Turkish. On the flip side, Changpeng Zhao is the founder of the Binance crypto-exchange. None of them have delved into the meeting’s specifics. However, the country is famous for being the home of multiple Binance customers. According to the Data retrieved from Similarweb, the country ranks first in traffic source to Binance. Zhao and Gleb Kostarev were hired to work as Binance’s Asia Regional Managerin March. Each of them participated in that virtual conference call.
The Binance platform keeps on offering comprehensive specialized services to the people of Turkey, who invested their money in crypto. It did like the Binance Global platform, and Binance created some speculations for buying an exchange. Hence, you need to know that it’s headquartered in Turkey, and the move has not gone far beyond the status of a rumor these days.
The cryptocurrency transaction volume in Turkey is higher than the norm for the globe. There are studies on crypto money laws running in the nation. According to government officials, major measures will soon be taken for crypto markets. It has been operating across the globe. Moreover, Binance has given a major emphasis on investors from Turkey.
Binance leads the Blockchain evolution in Turkey
This virtual meeting between the finance minister and the founder of Binance CZ has taken place after a few months of the footprint expansion by Binance in Turkey. It opened a customer service center to expand its footprint in Turkey. While launching, it saw that the service center delivers customers with 24/7 support through its app. It is from the Binance pilot tests, and the success will notice the same centers opened in other global areas.
But relations between Binance and Turkey are so bad that the exchange experienced the effect of the country’s recent crypto laws. The market saw the Turkish authorities slapping Binance in December last year with $750,000 as they failed to notice new regulations, and the penalty was unique during that time. Binance failed to offer customer information regarding money laundering with new regulations of the previous year.
Binance global legal woes
It woes in Turkey copied the exchange’s predicaments in other jurisdictions. Hence, it proved that Binance was not capable of implementing those strict measures for observing money laundering & other risks that are related to the crypto.
According to the news from Finbold, we knew from an investigation that the primary motive of the exchange was laundering more than $2.3 billion in illicit funds.