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Turkey Adds Crypto Trading Platforms to List of Firms Covered by AML Regulations
The country's latest move to rein in cryptocurrencies went into effect immediately.
Turkey added cryptocurrency trading platforms to the list of firms covered by anti-money laundering (AML) and terrorism financing regulations, a day after the country's ban on the use of crypto for payments went into effect.
STORY CONTINUES BELOW
- According to a presidential decree published in the Official Gazette early on Saturday, the country's latest move to rein in cryptocurrencies went into effect immediately.
- Turkey began tightening restrictions on the cryptocurrency industry in mid-April with the aforementioned ban on crypto as a means of payment.
- Prior to the ban, crypto use was soaring thanks in part to the Turkish lira facing significant outside selling pressure.
- Since the ban was announced, two crypto exchanges have been shut down and employees from each were detained together with allegations of missing funds. Most recently, six people were jailed pending trial in connection with the probe into one of those exchanges, Thodex, which recently went offline with its CEO going missing.
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
