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A new regulation that directly affects cryptocurrency users in Turkey will come into effect on April 25. With this regulation introduced by the Financial Crimes Investigation Board (MASAK), cryptocurrency exchanges operating in Turkey will require all users to complete an identity verification process. This initiative is a continuation of efforts to combat money laundering and prevent the financing of terrorism. Users who fail to verify their identities by April 25 will face temporary restrictions on accessing their exchange accounts.
Official Process Begins on April 25
As the legal framework surrounding the Turkish cryptocurrency market becomes clearer, exchanges are increasingly subjected to stricter regulations led by MASAK. Following the publication of general cryptocurrency principles last year, additional rules focusing on combating illicit proceeds came into effect in December. Within this framework, it has become mandatory to provide user information for cryptocurrency transfers exceeding 15,000 Turkish Lira (TL).
Beginning April 25, users who wish to trade on exchanges must verify their identities accurately and completely. This new process requires users to document their identity using a selfie method and enter their profession and address information into the system. Failure to complete identity verification will result in a suspension of all account functions, including deposits and withdrawals.
Recently, Minister of Treasury and Finance Mehmet Şimşek emphasized to AA that serious sanctions would be imposed on platforms that do not comply with the rules.
Exchange Representatives Warn: “No Transactions Without Verification”
Mücahit Dönmez, General Manager of Binance TR, stated that the new identity verification system is crucial for user security and legal compliance. He noted that starting February 25, users were directed to updated verification screens, and document uploads are mandatory. It is essential for users to provide complete address and profession information to meet legal obligations.
Kutluhan Akçın, Country Manager of Bybit Turkey, explained that users are informed during identity verification through a video call process. He mentioned that the identity information provided by users would be verified live and reminded that accounts of those who do not complete verification by April 25 will be suspended. Users were urged to complete the necessary identity verification procedures promptly to avoid any disruptions.
