Crypto Exchange Binance Ends Retail Referral Program in Turkey to Comply with Local Regulations

Binance Terminates Referral Program in Turkey

Binance, a leading cryptocurrency exchange platform, has announced the termination of its retail referral program in Turkey to adhere to local regulatory requirements.

As part of its compliance efforts, Binance has discontinued its referral program for retail customers in Turkey, following the registration of its services with Turkey’s Capital Markets Board earlier this year. The exchange made this decision to align with the local laws and regulations governing the crypto industry in Turkey.

Impact on Existing Referrers

Existing referrers in Turkey will still receive commissions from invitees who joined the program before its termination, ensuring that they continue to benefit from their referrals.

This move comes amid Turkey’s increasing focus on crypto regulation, highlighted by the recent approval of a comprehensive crypto bill that enforces stringent compliance measures. The legislation, championed by ruling party chairman Abdullah Güler, introduces harsh penalties for non-compliance, including hefty fines and potential prison sentences for unauthorized exchanges.

Regulatory Landscape in Turkey

Turkey’s evolving stance on crypto regulation has prompted many international crypto firms to seek licenses in the country, with 47 exchanges currently applying to operate legally in Turkey.

In September, Turkey’s Vice President Cevdet Yilmaz confirmed that there would be no tax imposed on profits from crypto or stock trading this year, despite previous considerations. Instead, the government is focusing on refining existing tax regulations, particularly in light of recent fluctuations in the Turkish stock market.