As a seasoned crypto investor with a keen eye for regulatory changes and their impact on the industry, I find Binance’s decision to terminate its retail referral program in Turkey a strategic move in the face of evolving regulations. Having navigated through numerous market shifts and regulatory landscapes, I understand the importance of compliance in maintaining a strong foothold within any jurisdiction.
Binance, a major player in the cryptocurrency world, has decided to end its referral program for retail customers in Turkey. This move represents a significant change in their operations within the country. The decision was made shortly after Binance registered its services with the Turkish Capital Markets Board, reflecting its commitment to adapting to the changing regulatory environment in the nation.
On October 23, 2024, Binance announced the ending of its referral program for individual users, a decision made to comply with local legal regulations. The company emphasized that this action was essential, and while the referral program is no longer available, Binance guarantees that their main services in Turkey will remain unaffected and functioning smoothly.
It’s now clear that any referral codes from Binance.com are no longer valid for users residing in Turkey. As a result, it is impossible to earn new commissions through the program, which has been terminated.
The statement indicates that any referral codes obtained via Binance.com are no longer valid, and the referral feature has been discontinued for users in Turkey.
Existing Turkish Referrers Keep Earning Commissions
Users who signed up for Binance through referrals in Turkey before the referral program ended will continue to generate commissions for their referrers. This way, those who were part of the system won’t be disadvantaged by its sudden termination. The end of Binance’s referral program corresponds with Turkey’s recent enactment of a comprehensive cryptocurrency law. This new legislation requires strict compliance from cryptocurrency platforms.
Under the leadership of party leader Abdullah Güler, this new law imposes strict penalties on violations, such as fines totaling approximately $182,600 and potential imprisonment for unlicensed cryptocurrency platforms. The intention behind these rules is to create a safer and more regulated crypto market within Turkey.
Given the new regulations, numerous cryptocurrency exchanges have promptly worked towards acquiring necessary permits. To date, 47 such platforms have applied for legal operation in Turkey, demonstrating the far-reaching impact of the fresh regulatory system on the crypto market. Binance’s actions underscore its dedication to abiding by local laws, even if it necessitates altering their business operations.
Turkey Adjusts Crypto Tax Regulations
Turkey’s viewpoint on cryptocurrency is rapidly changing. Recently, Vice President Cevdet Yilmaz declared that there will be no additional tax imposed on profits earned from cryptocurrency or stock trading for the current year. This decision is a response to previous tax deliberations and is intended to fine-tune existing regulations. The government is primarily concerned with reducing tax loopholes, a move likely influenced by the recent downturn in Turkey’s stock market.
Binance has decided to discontinue its referral program due to recent regulatory adjustments. This move might temporarily affect user interaction and promotional activities for Binance. Yet, by adhering to regulations, Binance is setting itself up for long-term prosperity in a market that’s becoming more regulated.
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2024-10-23 14:24