Money

Turkey provides crypto companies to cash laundering, terror financing guidelines

A Bitcoin logo can be seen next to the Turkish flag in a cryptocurrency exchange store in Istanbul, Turkey, on April 27, 2021. The photo was taken on April 27, 2021. REUTERS / Murad Sezer

Turkey has added cryptocurrency trading platforms to the list of companies covered by anti-money laundering and terrorist financing regulations, according to a presidential decree released on Saturday.

The Official Gazette said the country’s recent expansion of rules on cryptocurrency transactions would take effect immediately, covering “crypto asset service providers” who would be subject to the existing regulations.

Last month, Turkey’s central bank banned the use of crypto assets for payments because such transactions were risky. In the days that followed, two Turkey-based cryptocurrency trading platforms were shut down as part of separate investigations.

The investigation into one of them, Thodex, led to the detention on Thursday of six suspects, including the siblings of its chief executive Faruk Fatih Ozer, whom the Turkish authorities are looking for after his trip to Albania. Continue reading

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