As cryptocurrency adoption increases in Turkey, investors flock to the novel sector for different reasons, including the notion that they could enrich their pockets by trading digital assets. A new survey by the world’s largest crypto exchange, Binance, found that the potential for profits motivates roughly 66% of Turkish investors to trade digital assets. This...Read More
Bitcoin is trading at a premium in several countries facing extreme currency devaluation and political uncertainty, including Nigeria and Turkey. As of Friday morning, the leading cryptocurrency is hitting new all-time highs (ATH) in Nigeria, Turkey, and Argentina as residents turn to the safe haven asset amid soaring inflation rates. Bitcoin Hits New High in...Read More
KuCoin’s most recent report focused on the crypto trends in Turkey estimated that 52% of the locals aged 18 to 60 have already invested in bitcoin or alternative coins. The figure was 40% in November 2021, indicating that Turks have shown great interest in employing digital assets as a hedge against inflation in the past...Read More
Faruk Fetih Özer – founder of the once-leading Turkish cryptocurrency exchange Thodex – will spend seven months and 15 days in jail for failing to submit necessary documents to the Tax Inspection Board. He also faces fraud charges about pocketing more than $2 billion in clients’ funds when the platform collapsed in 2021. While Özer...Read More
One of the leading cryptocurrency exchanges – OKX – intends to open an office in Türkiye in the following months. The company has already interacted with the Turkish market, launching direct deposits and withdrawals in the country’s official currency – TRY. It also put its name among the numerous crypto platforms that sent aid packages...Read More
Faruk Fatih Özer – the founder of crypto exchange Thodex – has been extradited to his home country, Turkey, where he faces charges of fraud and operating a criminal organization. Thodex was one of the largest crypto exchanges in Turkey. It later turned out to be an exit scam, with Özer disappearing with $2.6 billion...Read More
The largest cryptocurrency exchange – Binance – added its name to the list of companies that provided help to Turkish residents affected by the recent devastating earthquake. It will give away $100 worth of BNB to each of its local users and launched a public donation address where everyone can contribute. Binance vowed to airdrop $100 in...Read More
Leading cryptocurrency exchanges, such as Bybit, BitMEX, and Bitfinex, vowed to support victims of Turkey’s disastrous earthquake with aid packages. Binance is also looking to help the affected people. A massive earthquake with a magnitude of 7.8 struck southern Turkey earlier today (February 6) and killed over 1,500 people. Hundreds of buildings collapsed, meaning the...Read More
The Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize “suspicious” assets linked to the battered cryptocurrency exchange FTX. The authorities also plan to open an investigation against the trading venue’s former CEO – Sam Bankman-Fried (SBF). Going After SBF The Turkish agency sought a greenglight from the Istanbul Chief Public Prosecutor’s Office to launch a...Read More
The Albanian authorities will reportedly extradite the notorious Faruk Fatih Ozer (CEO of the distressed crypto exchange Thodex) to Türkiye. He escaped his homeland last year after allegedly defrauding the platform customers for nearly $2 billion. Justice to Be Served According to a recent coverage by BBC, the Albanian and Turkish authorities negotiated the deportation...Read More
The Turkish authorities reportedly detected an illicit betting organization that used cryptocurrencies to launder crime funds. Following the investigation, law enforcement agents arrested 46 individuals involved in the scheme and confiscated $40 million worth of digital assets. ‘This Is Just the Beginning’ According to a local coverage, the Turkish police have detained the suspects across...Read More
The Albanian authorities arrested Faruk Fatih Ozer – the CEO of the Turkish cryptocurrency exchange Thodex – in the city of Elbasan. Last year, the platform ceased trading and withdrawals, while the 28-year-old executive was rumored to have left Turkey with $2 billion in users’ funds. Despite not managing to detect Ozer’s whereabouts, Turkish law...Read More
The Turkish authorities are reportedly working on a draft bill to set up additional control over the local digital asset market. The legislation focuses on crypto exchanges, too, as they should have a minimum of 100 million liras ($6.1 million) in capital to operate on domestic soil. Regulations on the Way? Turkey and cryptocurrencies have...Read More
The leading US-based cryptocurrency exchange – Coinbase – has reportedly put Turkey’s digital asset platform – BtcTurk – on its radar, planning to purchase it for approximately $3.2 billion. As reported by Turkish media outlets, Coinbase could soon acquire BtcTurk in a deal worth over $3 billion. Sources close to the matter disclosed that the...Read More
The Singapore-based cryptocurrency platform became an official sponsor of the Turkish soccer club Galatasaray. The latter will feature the company as its crypto partner on multiple platforms and media assets. Bitget Attracted Another Soccer Team The most successful soccer club in Turkey – Galatasaray – inked a sponsorship agreement with Bitget for the remainder of...Read More
Santa Claus could be granting the wishes of Turkish cryptocurrency enthusiasts as the country embarks on a revolutionary change in its cryptocurrency policy. Turkey’s President Recep Tayyip Erdoğan said today in a press conference that he expected the nation to make a leap forward with a new economic model, and as a first step, he...Read More
The million trades per day milestone was recorded by blockchain analysis firms Chainalysis and Kaiko. Rampant inflation and a currency devaluing by nearly 40% since September have resulted in citizens flocking to crypto assets to preserve their dwindling savings. According to Reuters, the surge in trading began earlier in the year when the central bank...Read More
Bitcoin is soaring against the Turkish Lira – but not due to increased demand. Rather, low-interest rates are causing the nation’s currency to rapidly decline, lowering its value against Bitcoin, dollars, and other currencies/ assets. The Turkish Lira Tumbles As reported by Reuters, the Lira dropped by another 5.6% against the dollar on Thursday. This...Read More
Kais Mohammad – a resident of Orange County – will spend the next 24 months in federal prison for operating an illegal BTC ATM service. The US officials said that the man processed up to $25 million with some of it on behalf of criminal suspects. Behind Bars In 2020 Kais Mohammad, also known as...Read More
The CEO of MicroStrategy – Michael Saylor – outlined that the leading digital asset Bitcoin has no existential threats. According to him, the cryptocurrency will dominate the 21st century as a store of value. The Future For BTC Michael Saylor expressed his opinion about the primary cryptocurrency Bitcoin on a YouTube interview for Kitco News...Read More
Following a trial against the recently arrested suspects connected to the infamous Thodex crypto exchange, a Turkish court has sent six people to jail. The brother and the sister of the company’s CEO, who reportedly escaped with $2 billion of users’ funds, were among them. Actual Jail for Six Suspects The $2 billion crypto scandal...Read More
Shortly after launching an investigation against Turkey’s notorious crypto exchange, Thodex, the local police have apprehended 62 people in connection to the company. At the same time, reports claimed that the founder and CEO of the exchange has vowed to refund users and return to Turkey to face justice. 62 People Arrested in Turkey CryptoPotato...Read More
Nearly 400,000 users of a Turkish cryptocurrency exchange were left out of their accounts without being able to withdraw their funds. The platform’s website has been down for several days, while reports suggest its CEO has already fled the country with up to $2 billion. Turkish Exchange Does a Rug Pull? Bloomberg reported yesterday that...Read More
Turkey’s government has introduced a new regulation that will prohibit cryptocurrency assets from being used as payment methods as of April 30th, citing significant risks. Nevertheless, banks are excluded from the legislation, meaning that users can still deposit the Turkish Lira on crypto exchanges through their banking accounts. Turkey’s Ban on Crypto Usage as Payment...Read More
Bitcoin, the world’s largest cryptocurrency, recently hit a new ATH in 7 countries. Soon, it is likely that other countries will catch up too. In Brazil, Turkey, Argentina, Sudan, Angola, Venezuela, and Zambia, Bitcoin has crossed its previous ATH. However, this development may just be the tip of the iceberg. At least in Turkey’s case,...Read More
While most cryptocurrency community members speculate when or if Bitcoin will ever top its all-time high against the dollar, the digital asset has already marked an ATH against other government-issued fiat currencies – the Brazilian Real and the Turkish Lira. Bitcoin Smashes Through BRL ATH The past several days have been significantly exciting for the...Read More
BiLira (TRYB), Turkey’s first stablecoin which is backed by the Turkish fiat currency lira announced on twitter that the token has been listed on the Bittrex Global crypto exchange. The announcement detailed that the ERC-20 token will be available for trading starting from today. Global Bittrex, a U.S based cryptocurrency trading platform, also joined the...Read More
On Sunday, Bitcoin hit the all-time high against the Turkish lira (TRY). It has to do with the recent Bitcoin rally and the declining Turkish fiat currency, which fell to a record low against the euro. Bitcoin’s Safe-Haven Capability Is Noticeable in Turkey Cryptocurrency bulls are waiting for Bitcoin to update its all-time high, but...Read More
Iranian President, Hassan Rouhani, has suggested a unified Muslim crypto asset in talks with the Malaysian Prime Minister and Turkish President during the Kuala Lumpur Summit 2019. Rouhani said that the move would strengthen cooperation amongst Muslim nations and enhance resistance to financial shocks and manipulation by the US. Unified Muslim Crypto Well-Received Malaysian Prime...Read More
At a summit attended by leaders of Muslim countries, including Malaysia, Turkey, Iran, Qatar, and Indonesia, the Iranian president proposed creating a Muslim cryptocurrency to cut reliance on the U.S. dollar. The Malaysian prime minister supports the idea of a unified cryptocurrency for Muslim countries. Also read: Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings,...Read More
