Turkish Finance Minister talks about crypto with Binance founder

Nureddin Nebati, the Turkish minister of finance, has revealed a virtual meeting with Changpeng Zhao, the founder of the Binance cryptocurrency exchange.

Nebati indicated in a July 27 tweet that the meeting’s focus was on the blockchain ecosystem and cryptocurrencies.

Although neither party discussed the meeting’s contents, it is known that Turkey is home to numerous Binance consumers. Similarweb data suggests that Turkey is the leading source of website traffic for Binance.

It is also important to note that Turkey has been working on crypto-related legislation. The meeting occurred just a few months after Binance extended its presence in Turkey by establishing a customer support centre.

At the launch, Binance said that the service centre’s app provides 24/7 customer help. Notably, the centre is part of Binance’s pilot program, and its success will likely lead to the opening of similar facilities in other places worldwide.

Turkey is among the nations with the highest interest in cryptocurrencies, with citizens investing in alternative assets to combat soaring inflation.

However, ties between Binance and Turkey have been strained due to the country’s latest crypto restrictions on the exchange. In December last year, the Turkish government fined Binance the maximum sum of $750,000 for failing to comply with new legislation. The punishment was deemed the first of its sort at the time.

According to allegations, Binance failed to share consumer information about money laundering in compliance with new legislation implemented at the beginning of last year.

situations in other countries in which it was scrutinised for failing to take stringent safeguards to combat money laundering and other crypto-related dangers.

An investigation found, as reported by Finbold, that the exchange was reportedly used to launder approximately $2.3 billion in illegal cash. As a result, Binance has expanded its emphasis on recruiting compliance specialists to meet the standards of various countries.

Also Read: Harmony Will Create Over 2 Billion ONE Tokens To Repay $100 Million In Hacking Losses