On December 25, 2024, new regulations were published in the Official Gazette that significantly affect cryptocurrency users on exchanges and platforms. Following these developments, Binance TR announced it would require additional information for cryptocurrency deposits and withdrawals starting on February 25, 2025. Users will need to share information about the sender or recipient to complete these transactions, aimed at preventing money laundering and financing of terrorism.
New Requirements for Cryptocurrency Transfers
The new regulations mandate stricter identity verification for cryptocurrency transfers, especially for amounts equal to or exceeding 15,000 Turkish Lira. As a result, cryptocurrency exchanges and platforms are now obligated to validate the sender’s identity, including name, surname, trade registry details, and wallet address. While recipient information will also be recorded, verification for this data will not be mandatory. In cases where the recipient platform cannot confirm the sender’s information, the transaction will be reversed.
To comply with these new regulations, Binance TR will request additional information for any cryptocurrency transfer starting February 25, 2025. The exchange clarified that this update applies solely to cryptocurrency deposits and withdrawals, and fiat currency withdrawals remain unaffected by the regulation.
Verification Through the ‘Identity Sharing System’
Under the new regulations, cryptocurrency exchanges and platforms must conduct strict identity verifications for users. Identity information will be validated through the Ministry of Interior’s Identity Sharing System. Remote identity verification can only be conducted under specific regulatory conditions.
Additionally, all cryptocurrency exchanges and platforms are required to appoint a compliance officer and establish legal compliance programs within one month, with a deadline set for February 25, 2025. Existing platforms must complete identity verification for current users within four months.
