tl;dr

Binance is removing the Turkish language option and suspending direct marketing activities for users in Turkey over the next 3 months. This move aligns with Turkey's new crypto framework. Binance emphasizes its commitment to regulatory compliance and assures users of fund safety, with deposit and wi...

Binance's Changes in Turkey and Regulatory Challenges

Binance is removing the Turkish language option and suspending direct marketing activities for users in Turkey over the next 3 months. This move aligns with Turkey's new crypto framework. Binance emphasizes its commitment to regulatory compliance and assures users of fund safety, with deposit and withdrawal functions remaining active. The exchange faces regulatory challenges globally, including in the U.S. and Nigeria. These changes may signal Binance's gradual exit from the Turkish market.

In a letter to Binance users, the exchange highlighted the recently introduced alterations in Turkey. Within the next 3 months, the Turkish-language option on the platform will be withdrawn gradually until it is removed. Secondly, all direct marketing activities for Binance users in the region will also be suspended.

Binance stated that these changes are part of the exchange’s effort to uphold transparency and regulatory compliance on its platform. These decisions could impact on the interaction of Turkish users with the Binance platform but the exchange believes that they are next necessary steps it has to take. It assured users of the safety of the funds, adding that deposits and withdrawal functions will remain active for its Turkish users.

Binance noted that it has closely monitored the regulatory development in Turkey. The company highlighted its commitment to collaborating with regulators across several jurisdictions. It noted that its aim is to support a compliant business environment for users.

Like Coinbase, Binance has put in effort into persuading U.S. regulators to set up a robust regulatory framework for the region. The firm is one of the victims of the U.S. Securities and Exchange Commission’s (SEC) crackdown on cryptocurrency exchanges in 2023. It was indicted by the regulator for a couple of charges including operating in the region as an unregistered broker. It was also accused of commingling company and customer assets, misuse of customer funds, and possible market manipulation of native tokens. Its founder, Changpeng ‘CZ’ Zhao, who stepped down from his position as CEO of the exchange last year, is currently facing a four-month jail term. He was accused of leading the exchange to violate Anti-money Laundering (AML) rules and he plead guilty to the charge

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Sector: COMPUTER PERIPHERAL EQUIPMENT

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Dividend Yield: N/A

EPS: -0.14

P/E Ratio: 1.396

Profit Margin: -0.0677

Volume: 13,786,000

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PE Ratio: None

Dividend Yield: -3.55

52-Week High: 4.196

52-Week Low: -0.162

Avg. Volume: 20756000

EPS: None

Beta: 0

Price/Sales: 0.463

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Stock Ticker: AI

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Industry: Services-Prepackaged Software

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 14 Nov 24
 14 Nov 24
 14 Nov 24