26.02.2025 14:16
The cryptocurrency sector has entered a new period of obligation. Identification information is now required for cryptocurrency transfers exceeding 15,000 Turkish Lira.
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An important regulation has been implemented in the cryptocurrency market. With the regulatory changes published in the Official Gazette on December 25, 2024, a requirement for identity information has been introduced for cryptocurrency transfers exceeding 15,000 lira. This regulation has been put into effect to prevent money laundering and the financing of terrorism.
IDENTITY INFORMATION REQUIREMENT FOR TRANSACTIONS OVER 15,000 LIRA
According to the new regulation, for cryptocurrency transfers exceeding 15,000 lira, it has become mandatory to obtain information such as the sender's and recipient's names, registered title in the trade registry, full name of legal entities, and wallet address. In cases where there is no wallet address, information such as reference number related to the transaction, address, place of birth, citizenship number, customer number, passport number, or tax identification number must be provided. Additionally, the accuracy of this information will also be verified.
MEASURES AGAINST UNREGISTERED WALLET ADDRESSES
For transfers made to or received from a wallet address not registered with any cryptocurrency service provider, it has been mandated to obtain a declaration from the customer involved in the transfer regarding at least one of the aforementioned pieces of information.
FLEXIBILITY FOR TRANSACTIONS UNDER 15,000 LIRA
For transactions under 15,000 lira, basic information such as the names and wallet addresses of the sender or recipient will need to be collected. However, verifying this information will not be mandatory for cryptocurrency service providers.
ADDITIONAL MEASURES FOR RISKY TRANSACTIONS
Within the scope of the application, a risk-based approach will be adopted, and additional information and documents may be requested from customers regarding the parties to the transfer. If sufficient information cannot be obtained, measures such as not executing the transfer, limiting transactions, or terminating the business relationship may be considered.
ACCOUNTS WITHOUT IDENTITY VERIFICATION WILL BE CLOSED
On the other hand, the cryptocurrency exchange Binance announced in a notification to its users that accounts that do not complete the identity verification process by April 25, 2025, will be closed. During this process, open positions of users who do not verify their identity will be closed, and they will not be able to withdraw or send money from their accounts. Users will be able to regain access to their accounts after completing the identity verification process.
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