04.03.2025 12:41
Cryptocurrency exchanges operating in Turkey have started to implement identity verification regulations aimed at ensuring transparency in crypto transactions for transfers made from both local and global as well as decentralized wallets.
The measures regarding cryptocurrency transfers, the laundering of criminal proceeds, and the prevention of the financing of terrorism prepared by the Financial Crimes Investigation Board (MASAK) came into effect on February 25, following a two-month transition period.
Thus, cryptocurrency exchanges in Turkey have been included in the applications aimed at ensuring transparency in financial transactions, also known as the "travel rule" worldwide.
VALID FOR TRANSFERS OF 15 THOUSAND LIRA AND ABOVE
With the regulation, users are required to provide some information such as name, surname, address, wallet address, place of birth, and Turkish ID number for transfer transactions exceeding 15 thousand lira through service providers.
If users fail to provide the necessary information, exchanges are granted the right to return or reject the transaction, terminate the relationship in case of continuity, and report suspicious transactions.