A new era in cryptocurrencies begins today. Henceforth, transactions exceeding 15,000 lira will require mandatory identity information. In cases where sufficient information cannot be acquired, the transactions will not be processed. Additionally, unverified accounts will be frozen as of April.
The applications regulating cryptocurrency transfers officially became active today. The regulation on measures against the laundering of crime proceeds and the prevention of terrorist financing regarding cryptocurrency transfers was published in the Official Gazette on December 25, 2024. A two-month period was granted to comply with these changes, and it was decided to implement them starting on February 25.
WHAT INFORMATION WILL BE MANDATORY?
Starting today, identity information will be mandatory for transactions exceeding 15,000 lira. The sender’s name, the registered business title of legal entities, the full name of other legal entities and unincorporated entities, and wallet address will be obtained for cryptocurrency transfers. In cases where there is no wallet address, at least one of the informational references enabling the identification of the sender such as a reference number, address or birthplace, citizenship number, customer number, passport number, or tax identification number must be provided. Furthermore, the accuracy of the information will be verified.
For cryptocurrency transfers sent to or received from wallet addresses not registered with a cryptocurrency service provider, the customer involved in the transfer will be required to provide a declaration related to at least one of this information.
IS THERE ANY REQUIREMENT FOR TRANSACTIONS BELOW 15,000 LIRA?
For transactions below 15,000 lira, the name of the recipient or sender parties, the registered business title of legal entities, the full name of other legal entities and unincorporated entities will be collected, along with the wallet address or reference number. However, cryptocurrency service providers will not be obliged to collect this information.
RISKY TRANSACTIONS WILL BE LIMITED
Within the framework of a risk-based approach, additional information and documentation regarding the parties involved in the transfer will be requested from the customer. In cases where sufficient information cannot be obtained, the transfer will not be processed, or the transactions with the particular financial institution may be limited or terminated.
UNVERIFIED ACCOUNTS WILL BE CLOSED
Furthermore, the cryptocurrency exchange Binance sent an email to its users. According to Binance’s statement, unverified accounts will be closed by April 25. Therefore, unresolved positions of users who have not completed the identity verification process will be closed. No transactions, including deposits and withdrawals, will be allowed from these accounts. Users will regain access to their accounts after completing the identity verification process.