Turkey Added Cryptocurrency Trading Platforms to the List of Anti-Money Laundering Regulation Firms

In accordance with the recent report, Turkey added providers of cryptocurrency assets to the list of institutions that need to abide by money laundering regulations. As said in a presidential decree published early on Saturday, cryptocurrency trading has been added to the list of firms covered by terrorism-funding regulation.

Cryptocurrency Trading Platforms Added to List of Anti-Money Laundering Regulations Firms of Turkey

The Central Bank of Turkey recently banned the usage of crypto assets for payments from April 30, saying the level of anonymity behind the digital tokens brings the risk of non-coverable losses.

Moreover, the government is planning to establish a central custodian bank to eliminate the counterparty risk following the recent collapse of various crypto exchanges. The cryptocurrency trading platforms that have collapsed recently are Thodex and Vebitcoin.

In addition to this, the Official Gazette said the latest expansion of rules of the country governing cryptocurrency dealings would take immediate effect and cover crypto asset service providers. They are going to be liable to the existing regulations.

The Scrutiny into Thodex Led to Some Jailings

The scrutiny into one of the platforms, Thodex, led to the jailing of six suspects on Thursday including the siblings of Faruk Fatih Ozer, Chief Executive Officer. The Turkish authorities have been seeking him since the moment he traveled to Albania.

As mentioned in the reports, the six people who were formally arrested included the brother and sister of Ozer, as well as the senior employees of the company.

Suleyman Soylu, the Interior Minister revealed this week that Turkey sent units to four countries to look out for Ozer. He said:

“When he is caught with the red notice, we have extradition agreements with a large part of these countries. God willing he will be caught and he will be returned.”

Apart from this, the authorities put four people in jail as part of an investigation into Vebitcoin.


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