A new era in cryptocurrency has begun as of today. Now, identity information will be mandatory for transactions exceeding 15,000 liras. If adequate information is not obtained, the transaction will not be processed. Additionally, anonymous accounts will be frozen in April.
Applications governing cryptocurrency transfers have officially become active as of today. The regulation about measures to prevent money laundering and terrorism 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 be implemented as of February 25.
WHAT INFORMATION WILL BE MANDATORY?
As of today, identity information will be mandatory for transactions exceeding 15,000 liras. In cryptocurrency transfers, the sender’s name, the title of the person recorded in the trade registry, the full name of other legal entities and entities without legal personality, wallet address will be obtained.
In cases where there is no wallet address, at least one of the information identifying the sender, such as a reference number, an address or place of birth, citizenship number, customer number, passport number, or tax identification number, must be provided. The accuracy of the information will also be confirmed.
In cryptocurrency transfers sent to or received from a wallet address not registered with any cryptocurrency service provider, the customer involved in the transfer will be required to make a declaration about at least one of this information.
IS IT MANDATORY FOR TRANSACTIONS BELOW 15,000 LIRAS?
For transactions below 15,000 liras, the name of the receiver or sender, the title of the person registered in the trade registry, the full name of other legal entities and those without legal personality, wallet address, or reference number will be obtained. For cryptocurrency service providers, however, obtaining this information will not be obligatory.
LIMITS ON RISKY TRANSACTIONS
Within the framework of a risk-based approach, additional information and documents may be requested from customers about the parties involved in the transfer. If sufficient information is not obtained, decisions like not processing the transfer, limiting transactions with the financial institution concerned, or terminating the business relationship will be considered.
CLOSED ANONYMOUS ACCOUNTS
Furthermore, the cryptocurrency exchange Binance has sent an email to its users on this matter. Binance’s announcement stated that anonymous accounts will be closed by April 25. Users who have not completed the identity verification process will have their open positions closed, and no transactions, including sending and withdrawing funds, will be possible from their accounts. Users will be able to access their accounts after completing the identity verification process.