Turkey to Tighten Requirements for Crypto Exchanges: Report
Main page News, Turkey, Cryptocurrency Exchanges

Turkey has just announced it plans to create a centralized custodian bank to eliminate the risk of insolvency in the digital asset space following the recent collapse of 2 exchanges, Bloomberg has reported citing a source.

The authorities are also studying the possibility of setting capital thresholds for trading platforms as well as imposing training requirements for their leaders.

The new regulations could take weeks to be ready, the sources have said. It should be noted The Treasury and Finance Ministry, Capital Markets Board and financial crimes watchdog Masak are working on it together.

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Last April 20, Turkish crypto exchange Thodex ceased operations without prior notice. According to media reports, 62 people have been detained as part of the investigation into the alleged exit scam, while the CEO of Thodex has been put on the wanted list by the country's authorities.

In addition, on April 26, crypto exchange Vebitcoin also stopped its operations. The authorities have blocked the platform's accounts and detained four people associated with the platform.

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