As the crypto market continues to grow in Turkey, significant regulatory changes have been introduced, affecting how major platforms like Binance, OKX, and Bybit operate within the country. On July 2, 2024, Turkey’s Grand National Assembly passed new crypto regulations, and these rules have since come into effect, reshaping the industry. This article outlines these important updates and what they mean for crypto users in Turkey.
Key takeaways:
- Türkiye enacted new laws that prohibit unlicensed exchanges from promoting crypto services to Turkish users.
- As a result, Binance and OKX are removing Turkish language support from their websites.
- Trading services on these platform remain unaffected, and users from Turkey can still fully access the platforms for now.
- Bybit steps up as a key alternative with a localized and compliant exchange, even adding Sharia-approved Islamic Account option.
Türkiye Crypto Laws – Key Changes Explained
In response to Turkey’s new regulatory framework1, global crypto platforms have made adjustments to comply with local laws. These changes are crucial for continuing operations and ensuring legal compliance while safeguarding user funds.
1. Language Support Updates
Several global crypto exchanges have announced changes to their language offerings in Turkey. Platforms such as OKX and Binance are removing Turkish language support from their websites and apps. For instance, Binance will officially disable the Turkish language option on September 27, 20242. Similarly, OKX will stop offering Turkish language support on September 29, 20243.
While this may seem like a setback for Turkish-speaking users, all other services—such as trading, deposits, and withdrawals—will remain fully accessible. These platforms will continue to support English and other languages, ensuring that Turkish users can still use the sites without major disruptions.
Similar announcements have also been made by Binance, KuCoin and BingX, all of which will discontinue providing Turkish translations on their websites. At this point, it’s safe to say that more exchanges will follow suit and remove Turkish language support to comply with local regulations.
2. Cease of Marketing Activities
Another significant change concerns the halt of promotional activities. Starting October 1, 2024, both Binance and OKX will completely cease their marketing activities in Turkey. This includes targeted advertisements, promotions, and events aimed at the Turkish market.
This move ensures these platforms comply with new regulations that restrict non-Turkish service providers from actively promoting crypto services unless they are licensed locally. Again, Turkish users can still access their platforms to manage crypto portfolios as usual.
3. Commitment to Compliance and Security
Despite these changes, these platforms emphasize their ongoing commitment to security and regulatory compliance. For example, Binance stated, “Compliance with legal requirements is essential,” highlighting the company’s dedication to working with Turkish authorities to ensure uninterrupted service. Similarly, OKX assured its users that it would continue providing its full range of services while complying with local laws.
These steps align with Turkey’s broader regulatory framework, which includes strict licensing requirements and oversight by the Capital Markets Board (CMB). To operate legally in Turkey, crypto platforms must obtain a CMB license and comply with strict guidelines on governance, user protection, and cybersecurity. Bybit Türkiye is one example of a platform that has successfully navigated this process, being officially listed as a Crypto Asset Service Provider by the CMB just several days ago4.
What Do These Changes Mean for Turkish Users?
If you’re a crypto user in Turkey, the new regulations and service updates are important to understand. Here are some key takeaways:
- You can still trade, deposit, and withdraw on platforms like Binance and OKX, but you may need to use another language option, such as English.
- Marketing and promotional materials aimed at Turkey will no longer be available, which might reduce your exposure to new offers or updates.
- Platforms are prioritizing compliance and security, ensuring that your funds remain safe while they adapt to the new legal landscape.
The Growing Crypto Market in Turkey
Turkey’s crypto market continues to thrive despite these regulatory changes. According to Chainalysis’ Global Crypto Adoption Index Score, Turkey is the 11th largest crypto market globally5. According to Statista6, number of cryptocurrency users in Turkey is expected to reach over 26 million by 2025.
This makes the country a significant player in the global crypto scene, and platforms like Bybit Türkiye are seizing the opportunity to strengthen their presence in this rapidly growing market.
For instance, Bybit Türkiye has taken steps to cater to local users by integrating Turkish Lira (TL) trading pairs, offering a one-click buy feature, and allowing deposits and withdrawals through local banks like Ziraat Bank and Vakıfbank. These initiatives make it easier for Turkish traders to engage in the crypto space without facing barriers.
A Word from the Industry Experts
Kutluhan Akçın, Country Manager of Bybit Türkiye, shared his excitement about being officially listed by the CMB, stating, “By adhering to local regulations, we will provide a secure and localized crypto trading experience for our users. We aim to be a leader and pioneer in the Turkish crypto sector, offering users the unparalleled Bybit experience with the added convenience of Turkish Lira integration and exceptional customer support.”
Binance & OKX Alternatives in Türkiye
With all these updates, it’s clear that Turkey’s crypto industry is changing quickly, and staying informed is key to making the most of the opportunities available. Whether you are already a user of these platforms or exploring new ones, now is the time to ensure you’re fully aware of how these changes will affect your crypto activities.
- Visit the official websites of Binance, OKX, or Bybit Türkiye for more information on their latest updates.
- Follow their social media channels, such as Telegram or X, to stay up-to-date with developments.
- Explore new features like Turkish Lira trading pairs or integrated local banking to enhance your trading experience.
View all crypto exchanges in Türkiye
Neither Binance nor OKX have any plans to stop servicing customers from Turkey at this point. Both of these exchanges (along with 45 others) have applied for licenses in local Turkish markets. Bitfinex and WhiteBIT are also excellent alternatives that are looking to get approved in Turkey.
However, users who wish to be prepared for potential exits from Turkish market should look at alternative platforms to ensure uninterrupted access to crypto trading.
Bybit Steps Up With Turkish-Approved Local Exchange and Islamic Account
In other news, Bybit just announced7 the launch of Islamic Account, making it the first global crypto exchange to offer Shariah-compliant trading to Muslims worldwide. For the country’s 99% Muslim community, Bybit’s Islamic Account can make it a top choice as alternative crypto exchange in Turkey.
Nevertheless, Türkiye’s new crypto legislation does not make the top platforms inaccessible. Instead, it merely makes them less convenient to use for users who are not well versed in using English. Whether some of these platforms will eventually obtain proper local regulatory approvals remains to be seen.
Resources and references:
- SERMAYE PİYASASI KANUNUNDA DEĞİŞİKLİK YAPILMASINA DAİR KANUN – https://cdn.tbmm.gov.tr/KKBSPublicFile/D28/Y2/KanunMetni/3ad744ce-52d5-4880-bcef-bb19346eae0c.htm
- Reminder on Changes to Binance’s Language Options in Türkiye – https://www.binance.com/en/support/announcement/reminder-on-changes-to-binance-s-language-options-in-türkiye-4200c12c62484a0796accfd012402af9
- Service Updates Under New Crypto Regulation for Our Customers in Turkiye – https://www.okx.com/help/service-updates-under-new-crypto-regulation-for-our-customers-in-turkiye
- Bybit Türkiye Listed as a Crypto Asset Service Provider by the CMB – https://www.bybit.com/en/press/post/bybit-t-rkiye-listed-as-a-crypto-asset-service-provider-by-the-cmb-blt74c326161d0e351c
- The 2024 Global Adoption Index – https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/
- Cryptocurrencies – Turkey – https://www.statista.com/outlook/fmo/digital-assets/cryptocurrencies/turkey
- Bybit Launches Islamic Account – https://www.bybit.com/en/press/post/bybit-launches-islamic-account-expanding-access-to-crypto-trading-for-muslim-communities-worldwide-blt127bbb1d217bb257
