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OKX boosts international presence with Turkey office opening

OKX

OKX, one of the world’s leading cryptocurrency exchanges by trading volume, officially launched its operations in Turkey on Tuesday. This strategic expansion is part of OKX’s broader international growth plans, aiming to tap into the dynamic and promising Turkish market. The launch of OKX TR underscores the company’s commitment to providing localized services, direct deposits […]

Central Bank of Turkey advances digital Lira initiative: Report

Turkey

The Central Bank of the Republic of Turkey (CBRT) has taken significant strides towards digitizing its national currency, releasing an English translation of its report on the initial phase of the Central Bank Digital Turkish Lira Research and Development (R&D) Project. Originally published in Turkish last year, the document details the progress made in developing […]

Turkey announces upcoming crypto regulations to enhance investor protection

Turkey

Turkey’s Minister of Treasury and Finance, Mehmet Şimşek, has disclosed key details of the impending cryptocurrency regulations to be implemented in the country. These regulations aim to define critical crypto concepts, require trading platforms to obtain licenses and align with international standards set by the Financial Action Task Force (FATF).  In an effort to reduce […]

Turkey’s President appoints crypto professor to Monetary Policy Committee

Turkey's President appoints crypto professor to Monetary Policy Committee

In a recent move by Turkey’s President Recep Tayyip Erdogan, Professor Fatma Ozkul, renowned for her expertise in crypto assets and blockchain technology, has been appointed to the country’s central bank Monetary Policy Committee. The appointment was confirmed through a presidential decree released on December 22. Background and expertise Professor Ozkul, a lecturer at Istanbul’s […]

Turkey eyes crypto taxation in 2024 financial strategy

Turkey has officially declared its stance on the buzzing topic of cryptocurrencies. The 2024 President’s Annual Plan, recently published in the Official Gazette, reveals the nation is gearing up to introduce taxation on digital virtual assets. Moreover, the government plans to initiate new regulatory measures targeting cryptocurrency exchanges. Previously, discussions surrounding digital currencies in Turkey […]

Turkey shifts to conventional economic policies amid rising inflation and falling lira

Turkey is shifting to conventional economic policies amid rising inflation and depreciating lira

Turkey’s central bank is anticipated to significantly increase its key interest rate for the second consecutive month, marking a shift towards more conventional economic policies under President Recep Tayyip Erdogan. However, economists remain concerned that Turkey may still be on a risky path, as interest rates are considerably lower than the levels needed to counteract […]

Turkey inflation rises to 59% as the Turkish lira devalues

Turkey inflation climbs to 59% as the Turkish lira devalues (1)

In August, inflation in Turkey surged to 58.9% year-on-year, marking the highest rate since December 2022, as per official data released on Monday. Prices have soared nearly 60% compared to the same period last year, and there was a 9.1% increase compared to the previous month. This rapid rise in prices can be attributed to […]

Turkey’s crypto adoption soars: 12% increase in investors over 18 months

Turkey's crypto adoption soars 12% increase in investors over 18 months

Turkey witnessed a 12% surge in cryptocurrency investors over the past 18 months, according to a recent report by KuCoin. This uptick in crypto adoption comes amid economic uncertainties and a tech-savvy population increasingly turning to digital assets. KuCoin’s report sheds light on Turkey’s growing crypto market KuCoin, a global cryptocurrency exchange, released a comprehensive […]

Turkey’s central bank still on its plan to achieve disinflation in 2024

Turkey's central bank still on its plan to achieve disinflation in 2024

The central bank of Turkey has revealed that it remains committed to following a strategic plan to establish the conditions for achieving sustainable disinflation in 2024. On Monday, the head of the monetary authority stated that they are undertaking measured and resolute measures to achieve this objective. Despite a notable reduction in Turkey’s annual inflation […]

Turkey’s Central Bank raises interest rate below market expectations

Turkey's Central Bank raises interest rate below market expectations

Turkey’s Central Bank announced it raised its primary interest rate by a modest 250 basis points to 17.5%, falling short of market expectations which forecasted a 500 basis point increase. The bank aims to combat rampant inflation, which has reached double-digits and sent the economy into turmoil. The announcement was made on Thursday, against market […]

Turkish investors turn to stablecoins amid Lira’s depreciation

Turkey

The Turkish lira’s ongoing decline against the U.S. dollar has prompted a surge in local demand for stablecoins, particularly Tether (USDT), as investors seek refuge from the country’s economic uncertainties. Despite the global crackdown on cryptocurrencies and falling prices for major tokens, stablecoins have become an attractive option in Turkey, where the lira has suffered […]

Hafize Erkan’s mission to revive Turkey’s staggering economy

Simsek & Erkan will be judged on monetary policy moves, inflation

In a major shuffle of Turkey’s economic helm, President Recep Tayyip Erdogan has made a groundbreaking move, naming Hafize Gaye Erkan, a Princeton-educated former U.S. bank executive, as the new head of the nation’s central bank. The bold appointment, marking the first instance of a woman leading Turkey’s central bank, signals a potential departure from […]

Turkish authorities arrest founder of Thodex crypto exchange

Thodex

Faruk Fatih Ozer, the founder and former CEO of Turkish cryptocurrency exchange Thodex, has been extradited from Albania to Turkey, following a two-year manhunt after the platform abruptly ceased trading. Facing charges of fraud and money laundering, the 27-year-old was taken into custody by the Istanbul Airport Police Department upon arrival on April 20, as […]

Bitcoin searches surge in Turkey

Bitcoin

TL;DR Breakdown Turks turn to Bitcoin as inflation rages. Bitcoin searches skyrocket. Amid the economic crisis in Turkey, Bitcoin has become a haven for the Turks. This came after president Erdogan Tayyip sacked the central bank governor, Naci Agbal last week resulting in about a 15% crash of the Lira. Following the event, the number of […]

Binance initiates legal actions against fake ads promoters in Turkey

Binance initiates legal actions against fake ads promoters in Turkey

It’s no news that Turkey sees a notable increase in interest in digital currencies. However, this has also drawn the attention of scammers to the local market. Scammers in Turkey have been found to launch numerous billboards advertising fake Binance-themed offerings in an attempt to profit off the exchange’s reputation in the country and at […]

Turkey fines a local Binance branch

Turkey

TL;DR Breakdown On DEC. 25, 2021, Turkey slapped Binance with a fine after a liability inspection. Binance will pay a fine of 8 million Lira or 751,314 USD. It was a rough day for Binance after Turkey’s MASAK found issues in its operations after an inspection. The financial board has ordered the exchange to pay […]

Turkey to debate on crypto regulation in the Parliament soon

Turkey's Central Bank raises interest rate below market expectations

TL;DR Breakdown Turkey has confirmed that it is planning to table crypto regulation proposals in their Parliament. President Recep Tayyip wants lawmakers to help regulate cryptocurrencies to aid in rebuilding the country’s economy. Turkey is planning to tackle crypto regulation, which many governments are yet to touch on. President Recep Tayyip revealed these plans yesterday […]

Turkey prepares anti-crypto legal law to stop virtual scams and thefts

Turkey

TL;DR Breakdown • AKP party chief denies that crypto regulations will impose payment fees.• Regulators in Turkey hope to bring security and transparency to the crypto market. Recently the AKP troop chief in Turkey flatly denied prosecution of tax payments for earnings in cryptos. According to reports, the country’s financial agency in the Middle East […]

Bitcoin skyrockets in Turkish market as Lira collapses

bitcoin

TL;DR Breakdown The price of Bitcoin reached new highs in the Turkish market, despite the correction globally. Turkey is currently ongoing a severe economic crisis that is crippling the national currency.  Many locals turned to Bitcoin to hedge against the declining value of the currency, hence the spike in BTC price.  Globally, it can be […]

Dogecoin Mining Scam sees Turks lose $119 Million

Dogecoin Mining Scam

TL;DR Breakdown Unknown scammer duped Turks $119m in Dogecoin mining scam. Turk V promised 100 percent ROI on mining scam. Over 1,500 Turks fell victim. Over 1,500 residents of Turkey have lost not lesser than $119 million in a Dogecoin mining scam that promised them huge illusional returns. The scam was allegedly perpetrated by an […]

Turkey central bank sets to ban payment in cryptocurrency

office

TL;DR Breakdown The central bank of Turkey is set to ban cryptocurrency payments by the end of the month. The bank said cryptos are risky, highly volatile, and can be used for illegal activities. The central bank of Turkey is planning to ban cryptocurrency payments in the country by the end of this month, according […]

Chinese gang arrested over fake crypto call centers in Turkey

handcuffs

TL;DR Breakdown The Turkish police have arrested 18 Chinese men running in fake crypto call centers. More than $200,000 were seized during the raid. As the cryptocurrency market keeps gaining mainstream attention, cyber-criminals still persist with their fraudulent tactics to defraud unsuspecting investors in the digital currency space. Yet, they mostly end up in police […]

Turkey Inflation peaks for the worst while Bitcoin climbs

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Turkey inflation peaks for the worst whilst Bitcoin reaches an all-time high. Last month it was evident that the country had the worst-performing currency in the world. Today BTC reached 117,910 while the countries inflation appears to be increasing at an increasing rate according to the Bitfinex exchange. Turkey Inflation peaks for the worst while […]

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