Binance sunsets referral program in Turkey due to local regulations

Crypto exchange Binance has ended its retail referral program in Turkey, just months after registering its services with the local regulator.

Cryptocurrency exchange Binance is changing its operations in Turkey, announcing the termination of its referral program for retail customers to comply with local regulations just months after the exchange, along with other trading platforms registered its services with Turkey’s Capital Markets Board.

In a Wednesday statement, on Oct. 23, Binance said that the move was necessary to comply “with the local law and regulation.” Despite the discontinuation of the referral program, the company reassured users that there would be no other changes to the platform.

“All referral codes accessed through Binance.com are rendered invalid, and this feature is no longer available to Turkey users.”

Binance

Existing referrers in Turkey will still receive commissions from invitees who registered before the program’s termination, the press release reads.

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The termination aligns with Turkey’s evolving stance on crypto regulation, particularly after the approval of a comprehensive crypto bill that enforces strict compliance measures. The legislation, backed by ruling party chairman Abdullah Güler, imposes severe penalties for non-compliance, including fines of up to $182,600 and potential prison sentences for unauthorized exchanges.

As a result, many international crypto firms have rushed to secure licenses, with 47 exchanges applying to operate legally in Turkey.

In September, Turkey’s Vice President Cevdet Yilmaz confirmed that the government will not impose a tax on profits from crypto or stock trading this year, despite previously considering such a tax. Instead, the focus has shifted to refining existing tax regulations, particularly the “narrowing” of tax exemptions, following a decline in the Turkish stock market earlier this year.

Read more: Turkey’s Garanti BBVA commercial bank launches crypto wallet service

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