Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Binance, the world’s largest exchange by trading volume, has terminated its referral program in Turkey, according to an announcement published on Oct. 23.
The Binance Coin token BNB (BNB) was down 1.3% nearly $581 at the time of writing.
Why has Binance halted referrals in Turkey?
The crypto exchange announced in an update on Wednesday that it had halted the referral program for its users in Turkey. According to details, the move is down to regulatory compliance.
Notably, this comes a few months after Binance received a regulatory green light from the country’s financial markets watchdog.
“At Binance, we prioritize full compliance with local regulatory frameworks to ensure a safe and reliable environment for all our users. In this regard, by the local law and regulations, the Binance Retail Referral Program has been terminated for users in Türkiye,” the exchange’s announcement reads in part.
Binance to allow referrers to earn commissions
While the cryptocurrency exchange has now closed its referral program in Turkey, the move does not affect other products and services available via Binance.com and the app.
All referral codes users may have accessed through the exchange’s website are invalid. But while the feature is now unavailable, commission earnings before the announcement are unaffected. Existing referrers will also continue to earn commissions from their invitees who registered before the exchange’s update on Wednesday.
Regulatory compliance for Binance, other exchanges
Binance’s footprint in Turkey includes a partnership with local crypto exchange BTguru and hit a major milestone when the exchange registered with the country’s Capital Markets Board.
Turkish authorities have in recent months ramped up efforts to bring all exchanges and platforms offering crypto asset products and services under a strict compliance regime.
Part of the crypto regulation includes requirements around the licensing of all crypto platforms. Non-compliance attracts stiff penalties, including monetary fines and prison sentences.
Binance, like most other crypto exchanges, is leveraging the clarity and growing adoption of crypto to register for proper licensing.
Notably, the regulatory spotlight has seen Binance exit certain markets, including Canada.
The exchange re-entered the Indian market after a settlement with the country’s financial regulator.
Approvals in Dubai, Kazakhstan, and elsewhere have added to the major steps since the $4.3 billion settlement in the US.
However, Binance has also announced a raft of other measures in response to new crypto regulations.
For instance, Binance revealed in June this year that it would delist unregulated stablecoins for its users in the European Economic Area amid the implementation of the European Union’s Markets in Crypto Assets.
Coinbase also announced the delisting of MiCA non-compliant stablecoins in the EU by the end of the year.
Meanwhile, Circle became the first stablecoin issuer to secure regulatory approval for its stablecoin ahead of MiCA implementation.
The post Binance ends referral program in Turkey: here’s why appeared first on Invezz
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.