Binance has announced significant changes to its services in Turkey. According to the firm, this is part of its focus on transparency and regulatory compliance.
Binance Adjusts Turkish Services
Binance has been monitoring regulatory developments in Turkey. The company believes in working with regulators to ensure a compliant environment for users. Binance supports the development of a regulatory framework to safeguard the ecosystem. To ensure legal compliance in Turkey and globally, the company is taking necessary measures.
Binance.com will remain accessible from Turkey. However, there will be adjustments to services. The Turkish language option will be gradually turned off within three months. Marketing activities for Turkish users will be completely halted.
Turkey's new crypto framework is a positive step forward for the industry.At #Binance, we support these developments and will keep collaborating with regulators for a secure, compliant crypto ecosystem.More details here ⤵️ https://t.co/1ueOliKUYd
— Binance (@binance) July 2, 2024
Binance acknowledges that these changes will affect some users. The company assures that user safety and experience remain a priority. All user funds are safe, and deposit/withdrawal functions will remain available.
UAE Binance Account Migration
Meanwhile, Binance has announced that it will move its UAE users from its global platform to the locally regulated Binance FZE exchange, known as Binance Dubai, as reported by Finance Magnates. This follows the acquisition of a full Virtual Asset Service Provider license from Dubai's Virtual Assets Regulatory Authority.
The transition requires UAE residents to update their Know Your Customer information by December 15, 2024. Email instructions will guide users through this process. During the transition, users can still access their current Binance Global accounts.
After December 15, accounts will be automatically transferred to Binance Dubai, with login details unchanged. Binance FZE will provide services such as exchange, broker-dealer, lending, borrowing, and virtual asset management, supporting over 300 virtual assets with local fiat currency transactions.
Users must decide between maintaining their Binance.com or Binance Dubai account, as multiple accounts per user are not permitted. Accounts not updated by the deadline will be restricted to withdrawals only.
This article was written by Tareq Sikder at www.financemagnates.com.
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