Existing referrers in Turkey will still earn commissions from users who signed up before the referral program ended.
Cryptocurrency giant Binance has officially terminated its retail referral program in Turkey, marking a significant shift in its operations within the country. This decision comes just months after Binance registered its services with Turkey’s Capital Markets Board, aligning itself with the nation’s evolving regulatory landscape.
On October 23, 2024, Binance released a statement confirming the termination of its referral program for retail users. The company stressed that this step was necessary to meet local legal requirements. Although the referral program is over, Binance assured Turkish users that the platform’s core services would continue as usual, without disruption.
The statement also clarified that all referral codes from Binance.com are now void for users in Turkey. This update ensures no new commissions can be earned under the now-terminated program.
“All referral codes accessed through Binance.com are rendered invalid, and this feature is no longer available to Turkey users,” the statement read.
Existing Turkish Referrers Keep Earning Commissions
Existing referrers in Turkey will still earn commissions from users who signed up before the referral program ended. That ensures that those who participated in the system aren’t negatively affected by its sudden halt. The end of Binance’s referral program coincides with Turkey’s recent passage of a detailed crypto bill. The new bill demands strict adherence from cryptocurrency platforms.
Spearheaded by ruling party leader Abdullah Güler, the law enforces harsh penalties for violations, including fines of up to $182,600 and possible imprisonment for unauthorized platforms. These rules aim to foster a safer and more controlled crypto market in Turkey.
In light of the regulations, many crypto exchanges have quickly sought the required licenses. So far, 47 platforms have applied to operate legally in Turkey, showing the widespread influence of the new regulatory framework on the crypto sector. Binance’s actions show its commitment to following local laws, even if it means adjusting its business practices.
Turkey Adjusts Crypto Tax Regulations
Turkey’s stance on cryptocurrency is evolving quickly. In September, Vice President Cevdet Yilmaz announced no new tax on profits from crypto or stock trading for the year. The decision follows earlier tax considerations and aims to refine existing regulations. The government focuses on narrowing tax exemptions, influenced by the recent decline in the Turkish stock market.
Binance’s withdrawal from its referral program is in response to these regulatory changes. Ending the referral program may impact Binance’s user engagement and marketing in the short term. However, by staying compliant, Binance positions itself for long-term success in a more regulated market.
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