Jul 04, 2024 12:25
Binance has announced significant changes to its services inTurkey. According to the firm, this is part of its focus on transparency andregulatory compliance.
Binance Adjusts Turkish Services
Binance has been monitoring regulatory developments inTurkey. The company believes in working with regulators to ensure a compliantenvironment for users. Binance supports the development of a regulatoryframework to safeguard the ecosystem. To ensure legal compliance in Turkey andglobally, 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 begradually turned off within three months. Marketing activities for Turkishusers 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, 2024Binance acknowledges that these changes will affect someusers. The company assures that user safety and experience remain a priority.All user funds are safe, and deposit/withdrawal functions will remainavailable.
UAE Binance Account Migration
Meanwhile, Binancehas announced that it will move its UAE users from its global platform tothe locally regulated Binance FZE exchange, known as Binance Dubai, as reportedby Finance Magnates. Thisfollows the acquisition of a full Virtual Asset Service Provider license fromDubai's Virtual Assets Regulatory Authority.
The transition requires UAEresidents 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 currentBinance Global accounts.
After December 15, accounts will be automaticallytransferred to Binance Dubai, with login details unchanged. Binance FZE willprovide services such as exchange, broker-dealer, lending, borrowing, andvirtual asset management, supporting over 300 virtual assets with local fiatcurrency transactions.
Users must decide between maintaining their Binance.com orBinance 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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