Turkey adds cryptocurrency companies to terrorism financing regulations Business and Economy News


The presidential decree adds cryptocurrency exchanges to anti-money laundering and terrorist financing rules.

Turkey has added cryptocurrency trading platforms to the list of companies covered by anti-money laundering and terrorist financing regulation, according to a presidential decree.

The Official Gazette said on Saturday that the country’s latest expansion of rules governing cryptocurrency transactions would take effect immediately and cover “cryptocurrency asset service providers” who would be bound by existing regulations.

Last month, Turkey’s central bank banned the use of cryptocurrency assets for payments, as such transactions were risky.

In the following days, two Turkish-based cryptocurrency trading platforms were halted under separate investigations: Thodex and Vebitcoin.

Six suspects linked to the Thodex probe they were jailed Friday awaiting trial.

The investigation into Thodex, which handled hundreds of millions of dollars in daily operations, initially led to the arrest of 83 people after customers complained of not being able to access their funds.

Interpol issued an arrest warrant for the firm’s chief executive, Faruk Fatih Ozer, whom Turkish authorities are looking for after traveling to Albania.

People in Turkey have been increasingly attracted to cryptocurrencies as protection against the lira’s decline and double-digit inflation.

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