Bitcoin News and Finance
Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’ Skip to main content

Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’

Crypto Association in Turkey Vows to Block Exchanges That ‘Victimize Traders’

A new organization has been established in Turkey with the aim to monitor and help develop the country’s crypto sector, local media reported. Its first task will be to address recent problems with some cryptocurrency exchanges and boost confidence in the industry as a whole.

New Entity to Deal With Issues in the Crypto Space in Turkey, Hopes to Increase Transparency

People trading cryptocurrencies in Turkey have been estimated at over 8 million as of 2022, according to Emrah Inanc, head of the Crypto Industry Development, Monitoring and Reporting Association. The country is in the world’s top five in terms of crypto investments, he highlighted.

Speaking to the Anadolu Agency, the top executive of the newly-founded organization also emphasized that transparency is crucial for the development of the crypto sector. That’s why it will first focus efforts on solving problems with crypto exchanges and improve confidence in the industry.

Inanc pointed out that a number of exchanges from the Far East have been trying to attract Turkish customers. On this backdrop, he noted that the lack of rules and regulatory authority has led to “inconvenient results,” and acknowledged some of the challenges in relations with the public sector:

We are faced with allegations that some exchanges have blocked customer accounts illegally for financing terrorism and money laundering.

Emrah Inanc also indicated that the association is ready to periodically and transparently share information about the shortcomings it’s identifying with all relevant institutions. He also warned traders about dealings with offshore exchange platforms.

“In order to prevent these illegal practices and irregularities, we will take the necessary steps to block cryptocurrency exchanges … that cause unlawful transactions, cause victimization, and threaten our citizens and the country’s economy,” Inanc elaborated. He also urged both individuals and organizations to send requests, suggestions, and complaints to the group by filling out a form posted on its website.

With the popularity of cryptocurrencies growing amid high inflation, Turkey has become an attractive market for crypto exchanges in the past few years. Turkish traders were also affected by a few failures in the sector, including that of FTX which filed for bankruptcy in mid-November. Turkey’s financial watchdog launched a probe into the collapse of the major exchange as it had a Turkish platform.

Several domestic exchanges have also shut down, such as Thodex, whose founders and top executives were accused of committing fraud and money laundering as part of a suspected exit scam. Vebitcoin was investigated when it ceased activities after the country’s central bank banned crypto payments, and Coinzo closed down as well.

Do you think the new crypto association will help the development of the crypto industry in Turkey? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory