Crypto exchange Binance has ended its retail sponsorship program in Türkiye, just months after registering its services with the local regulator.
Cryptocurrency exchange Binance is changing its operations in Turkey, announcing the end of its referral program for retail customers to comply with local regulations just months after the exchange, while other trading platforms have registered their services with the Capital Markets Board of Turkey.
In a statement released on Wednesday (October 23), Binance said the move was necessary to comply with “local law and regulations.” Despite the referral program being discontinued, the company reassured users that there would be no further changes to the platform.
“All referral codes accessible through Binance.com are rendered invalid and this feature is no longer available for Turkish users.”
Binance
Existing sponsors in Türkiye will still receive commissions from guests who signed up before the end of the program, the press release said.
This termination aligns with Turkey’s evolving stance on crypto regulation, particularly after the approval of a comprehensive crypto bill that imposes strict compliance measures. The legislation, backed by ruling party Chairman Abdullah Güler, imposes harsh penalties for non-compliance, including fines of up to $182,600 and potential prison terms for unauthorized trades.
As a result, many international crypto companies have rushed to obtain licenses, with 47 exchanges applying to legally operate in Türkiye.
In September, Turkish Vice President Cevdet Yilmaz confirmed that the government would not impose a tax on profits from crypto or stock trading this year, although it had previously considered such a tax. Instead, the focus has been on improving existing tax regulations, particularly on “narrowing” tax exemptions, following the decline in the Turkish stock market earlier this year.
