Binance expanding in Turkey, CZ meets Finance Minister to discuss blockchain adoption 

It has been evident from the past few months that Turkey is taking the crypto industry seriously. According to the latest development, Turkish finance minister Dr. Nureddin Nebati virtually met Binance founder and CEO Changpeng Zhao to discuss cryptocurrencies and the blockchain ecosystem.

🇹🇷 https://t.co/NKqMKY05Ii

— CZ 🔶 BNB (@cz_binance) July 27, 2022

During Wednesday’s video conference, the two parties discussed cryptocurrency potential, growth, and technology in general. Notably, a major portion of the exchange’s user base comes from Turkey.

The meeting took place at a time when the world is looking forward to the nation implementing specific rules and policies to regulate the crypto market. 

A major chunk of Binance use base is from Turkey

Since Turkey is the main source of traffic for Binance, the cryptocurrency exchange has opened its first specialized customer service center with the goal of providing 24/7 support to Turkish users, as TheCoinRise reported. Binance hasn’t always been simple in Turkey, although growing more common in Europe and the Middle East.  

In December 2021, authorities fined Binance $750,000 for repeatedly breaking the country’s Law on the Prevention of Laundering Proceeds of Crime. By neglecting to identify and confirm the personal data of its users, Binance broke the Law.

Despite the challenges of the nation’s fiat currency hitting historic lows, Turkish President Recep Tayyip Erdogan published a new proposal for the country’s crypto law during the same week that regulatory action was filed against Binance.

Rising interest in digital assets

Authorities in Turkey have shown a keen interest when it comes to the digital asset world. Hosting the Stratcom 2021 conference, a two-day summit that featured 112 speakers from more than 30 countries and an esteemed audience of more than 3,000, is one of the nation’s outstanding efforts to promote innovative technologies.

In January, President Recep Tayyip Erdoğan reportedly instructed the officials of the Justice and Development Party (AK Party) to arrange a forum in Metaverse to discuss new developments and technological aspects.