Binance Halts Retail Referral Program in Turkey Following Regulatory Changes

Binance Halts Retail Referral Program in Turkey Following Regulatory Changes

Cryptocurrency exchange Binance has announced the termination of its retail referral program in Turkey, just months after officially registering its services with the country’s financial regulators.

In a statement issued on October 23, Binance explained that this decision was made to ensure full compliance with Turkish laws and regulations. While the referral program for retail customers is being discontinued, Binance reassured users that no other aspects of its platform would be affected by the change.

The company stated, “All referral codes generated through Binance.com are now invalid for Turkish users, and this feature is no longer accessible.” However, those who had already registered as referrers before the program’s closure will continue to receive commissions from the users they referred, according to the announcement.

The move comes as Turkey tightens its regulatory oversight of the crypto industry, following the introduction of a comprehensive cryptocurrency bill that imposes stringent compliance requirements. The new law, led by ruling party chairman Abdullah Güler, sets out harsh penalties for non-compliance, including fines of up to $182,600 and potential imprisonment for unauthorized exchanges operating in the country.

In response to these regulatory shifts, many international crypto exchanges have sought to obtain licenses in Turkey, with 47 platforms reportedly applying for approval to operate legally within the country.

Earlier in September, Turkey’s Vice President Cevdet Yilmaz confirmed that the government would not impose taxes on profits from cryptocurrency or stock trading for the remainder of the year, despite earlier discussions on the matter. Instead, the government has shifted its focus toward revising tax regulations, particularly narrowing exemptions, following a decline in the Turkish stock market earlier in the year.