22.04.2025 12:31
As of April 25, cryptocurrency exchanges in Turkey will require their users to complete identity verification processes. The new regulation has been introduced to prevent money laundering and the financing of terrorism.
While additional identity verification requirements are being imposed on users of cryptocurrency exchanges under the MASAK regulations, this application will come into effect as of April 25. Efforts to regulate the cryptocurrency ecosystem in Turkey continue unabated.
THE FIRST LEGAL REGULATIONS WERE PREPARED IN JULY 2024
Following the establishment of the first legal framework for crypto assets in July last year, regulations containing measures against money laundering and the financing of terrorism in cryptocurrency transfers prepared by MASAK were published in the Official Gazette in December. Some of these measures came into effect on February 25 after a two-month transition period. In this context, to ensure transparency in financial transactions and to prevent money laundering, it has become mandatory to provide user information for cryptocurrency transfers of 15,000 lira and above.
MEHMET ŞİMŞEK: THEY WILL FACE SEVERE SANCTIONS
As part of the gradually implemented measures, users of cryptocurrency exchanges are required to complete their identity verification processes starting from April 25. Platforms have also accelerated their efforts to comply with these regulations. According to notifications made by exchanges to their users, it is important for users who have previously created an account to complete certain identity verification processes by this date. Minister of Treasury and Finance Mehmet Şimşek stated that those who do not comply with the strict regulations introduced by the gradually implemented and MASAK-prepared legislative changes will face severe sanctions, warning, "We will not allow those who want to abuse our financial system. Cryptocurrency service providers must fulfill their responsibilities as part of the financial system."
"ACCOUNTS OF THOSE WHO DO NOT VERIFY THEIR IDENTITY WILL BE TEMPORARILY SUSPENDED"
Binance TR General Manager Mücahit Dönmez, in his assessment of the issue, stated that significant changes have been made in the identity verification processes for platforms operating in Turkey with the MASAK regulations.
Dönmez noted that they have updated their identity verification processes and implemented new measures, stating that users are directed to the renewed identity verification page when they log into the Binance TR website or mobile application as of February 25.
THE DEADLINE FOR IDENTITY VERIFICATION IS APRIL 25
Dönmez conveyed that information such as "selfie" verification, profession, and address verification are requested in the identity verification processes, and made the following assessments: These documents are crucial for ensuring the secure verification of users' identities and for compliance with legal regulations. The deadline for completing the identity verification process is April 25. As per legal regulations, users who do not complete their identity verification by this date will have their open positions closed, and all functions related to their accounts, including deposit and withdrawal transactions, will be temporarily suspended. In line with the new regulations, only users who successfully complete the identity verification process after April 25 will be able to continue trading on the platforms. Therefore, it is of great importance for our users to complete their identity verification processes within the specified time to avoid any grievances.
"WE STRONGLY RECOMMEND THAT THEY COMPLETE THE IDENTITY VERIFICATION PROCESSES"
Bybit Turkey Country Manager Kutluhan Akçın also stated that the new information requests have been implemented to more effectively identify risky profiles, prevent money laundering, and combat the financing of terrorism. Akçın reported that they have started using video call methods as part of these regulations, stating that identity information is verified during these calls and various checks regarding customers are conducted. Akçın warned his users, stating that existing customers who do not verify their identity by April 25 may face problems such as suspension of account access, cessation of cryptocurrency trading transactions, disabling of deposit and withdrawal transactions, and closure of open positions by the service provider. To prevent such disruptions, we strongly recommend that our existing customers complete their identity verification processes by April 25.