Binance CEO Changpeng Zhao electronically met with Turkey’s Finance Minister Dr. Nureddin Nebati on Wednesday to discuss cryptocurrencies and the blockchain ecosystem.
The conference takes place amid rumors that the nation may soon implement specific rules and policies to control its cryptocurrency market. Additionally, a sizable portion of Binance’s user base is based in Turkey.
The two met on July 27 to talk about “crypto assets” and the “blockchain ecosystem,” according to a tweet from Turkish Finance Minister Dr. Nureddin Nebati. Turkey is getting ready to regulate cryptocurrencies to promote innovation within its borders.
We had a virtual meeting with Mr. Changpeng Zhao, the founder of Binance. Mr. @cz_binance and I had discussions on the blockchain ecosystem and crypto assets.
According to data from Similarweb, since Turkey is the top source of traffic for Binance, the cryptocurrency exchange has launched a dedicated customer care center intending to offer local users 24/7 support. Although Zhao’s exchange is becoming more prevalent in Europe and the Middle East, it hasn’t always been easy in Turkey.
Authorities imposed a $750,000 penalty on Binance in December 2021 for violating multiple provisions of the nation’s Law on the Prevention of Laundering Proceeds of Crime. Binance violated regulations by failing to identify and validate the personal data of its users.
Turkish President Recep Tayyip Erdogan unveiled a new draft of the nation’s cryptocurrency law during the same week that regulatory action was brought against Binance, despite the difficulties of the country’s fiat currency hitting record lows.
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