Binance CEO: Turkey's Crypto Regulatory Framework Is a Positive Step

Binance CEO: Turkey's Crypto Regulatory Framework Is a Positive Step

Binance CEO Richard Teng has hailed the approval of a new legislative framework to regulate cryptocurrencies and cryptocurrency service providers in Turkey as a positive development for the industry. In a tweet on Thursday, Teng said that Binance "closely monitors regulatory developments across the globe, including Turkey, and actively supports regulatory developments like this one." He added that Binance will "continue to work with regulators to foster a compliant crypto ecosystem that protects users." The new framework, which was approved by the Turkish parliament on Wednesday, establishes a licensing regime for cryptocurrency exchanges and other service providers. It also sets out rules on consumer protection, market conduct, and anti-money laundering. Binance's support for the new framework comes just days after the company announced that it would be ceasing Turkish lira support on its platform and fully ceasing all trading activities involving Turkish lira within three months. The company said that this decision was made in order to comply with local regulations. The approval of the new regulatory framework is a significant step forward for Turkey's cryptocurrency industry. It provides much-needed clarity and certainty for businesses and investors, and it is likely to help to attract more investment and innovation to the country.