It's the era of identity verification in crypto!

A regulation that is of great interest to crypto investors has arrived. Those who want to make transactions over a certain amount within the scope of measures to prevent crypto asset transfers, money laundering and terrorist financing will have to verify their identity information. Here are the details of the new regulation...

IS IDENTITY VERIFICATION REQUIRED IN CRYPTO TRANSACTIONS?

The regulation on measures to prevent crypto asset transfers, money laundering and terrorist financing was published in the Official Gazette on December 25, 2024. In this context, it was announced that identity information would be mandatory for transactions over 15 thousand TL.

Accordingly, in crypto asset transactions, the name of the sender, the title of the person registered in the trade registry, the full name of other legal entities and unincorporated entities, and the wallet address will be collected.

HAS THE NEW CRYPTO REGULATION COME INTO EFFECT?

According to the Official Gazette, a period of 2 months was given to comply with the changes in question and the decision began to be implemented as of February 25.

WHAT HAPPENS TO ACCOUNTS THAT HAVE NOT BEEN IDENTIFIED?

Binance Türkiye also released a statement on the subject. The statement included the following statements:

"In accordance with the relevant regulation and circular published in the Official Gazette, changes will be made to the identity verification processes to be applied in crypto asset platforms established in Turkey. We would like to share these changes with you.

Starting from 25-02-2025, our existing users will be directed to the renewed identity verification page when they use the Binance TR website or application or before making a transaction.

Starting from 25-04-2025, users who have not completed the identity verification process will have their open positions closed and account functions (including deposits and withdrawals) restricted until identity verification is completed. After this date, only users who have met the identity verification requirements will be able to trade.

This decision was taken in accordance with the amendments made to the Regulation on Measures to Prevent Laundering Proceeds of Crime and Financing of Terrorism within the scope of the regulations published in the Official Gazette dated 25-12-2024 and numbered 32763. With these amendments, Crypto Asset Service Providers have been defined as financial institutions and their identity verification processes have been updated in accordance with the articles in the relevant Regulation and Communiqué.

We understand that this update may impact your experience on the platform. However, as always, we continue to work to ensure that this process goes as smoothly and smoothly as possible for you. We thank you for your understanding and support. As of 25-04-2025, Binance TR will not be held responsible for any direct or indirect losses that may arise due to the closure of open positions and restrictions imposed on the account due to the incomplete identity verification process.