quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

More Crypto Regulations on Their Way, Says Head of Turkish Central Bank

sp news image Turkish bank

A  few days ago, the Turkish Central Bank imposed a complete ban on cryptocurrency payments. Now, the head of Turkey’s Central Bank said that a wide range of new rules and regulations will hit the country within two weeks. 

“You cannot fix anything by banning crypto and we do not intend to do this,” says Governor Şahap Kavacıoğlu while speaking on TRT (the state-run channel).

Less than a week was left for implementing the complete ban on cryptocurrencies, but the announcement came with many protests from the government’s opponents. Kavacıoğlu, without indicating any details about the upcoming regulations, indicated that they would clarify the regulations and legal definition of cryptocurrencies about how they must be managed by the exchanges. 

According to the Chief of Central Bank, the regulations must not be addressing the shocking amount of funds being laundered in the form of cryptocurrencies from the country. 

These comments came shortly after the employee detention of two cryptocurrency platforms that are under government’s investigation. Thodex and Vebitcoin are the two crypto firms that are being investigated by the Turkish government for crypto-based payment fraud. 

A BBC report reveals that four people were linked to Vebitcoin fraud and accounts on the exchange have been blocked. On the other hand, the founder of Thodex, Faruk Fatih Özer, is accused of flying to Albania with $2 billion worth of funds from investors. 

After these two shutdowns, the 84 million people in Turkey showed skyrocketing interest in cryptocurrency. Now, Turkey is being named among the largest crypto markets worldwide with approximately 5 million active crypto investors.

Related Posts

News

South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs

All crypto accounts in South Korea are directed to register under their real names. Third-party b...

South Korea FSC Identifies 14 ‘Fake’ Crypto Accounts Held by VASPs Explore More

News

Georgia Ramps Up AML Measures to Combat Financial Crime

A new report released by the Council of Europe’s AML body has highlighted Georgia’s progress in c...

Georgia Ramps Up AML Measures to Combat Financial Crime Explore More

News

WhatsApp accounts hacked to acquire bank card details

Recently a new scam has emerged in Singapore where hackers are found to take-over WhatsApp accoun...

WhatsApp accounts hacked to acquire bank card details Explore More

News

US DOJ Files Cases to Stop Russian Money Laundering Networks

The US DOJ (Department of Justice) filed two cases in the latest action to disrupt money launderi...

US DOJ Files Cases to Stop Russian Money Laundering Networks Explore More

News

Banks Creating Regulations for the Cannabis Merchants for Better Compliance

Growing and dealing in cannabis was illegal a few years back. However, the medical benefits of ma...

Banks Creating Regulations for the Cannabis Merchants for Better Compliance Explore More

News

Shufti Nominated for Yalla Fintech 2020 Award

Shufti, an identity verification service provider offering KYC verification and AML screening...

Shufti Nominated for Yalla Fintech 2020 Award Explore More

News

Taiwanese Crypto Exchange Platform Under Investigation for Money Laundering

Taiwanese crypto exchange platform and a member of the Virtual Asset Service Provider (VASP), Bit...

Taiwanese Crypto Exchange Platform Under Investigation for Money Laundering Explore More

News

GIABA Points Out Gaps in Nigeria’s AML/CFT Framework

The GIABA report revealed loopholes in the Nigerian AML/CFT framework and called Nigerian law enf...

GIABA Points Out  Gaps in Nigeria’s AML/CFT Framework Explore More

News

CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure

Maitland Luxembourg SA received a penalty of €226,000 over anti-money laundering and customer due...

CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure Explore More

News

Banks take measures to serve customers amid COVID-19

The banking industry is stepping up to serve customers as well as their employees as the Coronavi...

Banks take measures to serve customers amid COVID-19 Explore More

News

South Korea to Penalize the Non-Compliant Crypto Companies

Financial watchdogs in South Korea have announced regulations to prevent financial crimes in the ...

South Korea to Penalize the Non-Compliant Crypto Companies Explore More

News

$2 Trillion Moved and Now Banks Resist Money Laundering Orders

According to the ICIJ journalist, BuzzFeed shared some documents disclosing the attitude of finan...

$2 Trillion Moved and Now Banks Resist Money Laundering Orders Explore More

News

$2 Shell company laundered hundreds of millions at Crown Casino Perth

International organizations are believed to be using Crown Perth to launder hundreds through $2 s...

$2 Shell company laundered hundreds of millions at Crown Casino Perth Explore More

News

COVID at EURO 2020 Reinforced the Need for Digital COVID Pass

With 2 infected players infiltrating the entire stadium, many are fearing the spread of COVID-19 ...

COVID at EURO 2020 Reinforced the Need for Digital COVID Pass Explore More

News

Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud

Technology experts raise questions about the lack of transparency of the municipality in dealing ...

Tech Analysts Say Elgin Data Breach May Prove “Devastating” for Those Vulnerable to Identity Fraud Explore More

News

One in Three Western Australians Experience Financial Frauds – Bankwest

Based on reports, every one in three residents of Western Australia has experienced financial abu...

One in Three Western Australians Experience Financial Frauds – Bankwest Explore More

News

Research for Implications of CBDC on the Rise in Australia

As of the November 2 announcement of the Reserve Bank of Australia, the country has partnered wit...

Research for Implications of CBDC on the Rise in Australia Explore More

News

Estonian Cryptocurrency Exchange charged for concealing hack

Crex24, an Estonian cryptocurrency exchange, is accused of hiding a hack from its customers after...

Estonian Cryptocurrency Exchange charged for concealing hack Explore More

News

Homeland Security Wants Facial Recognition For All Entering or Leaving US

The federal government is considering changing airport security in a major way. Facial recognitio...

Homeland Security Wants Facial Recognition For All Entering or Leaving US Explore More

News

Philippines AMLC Releases New Study for Suspicious Transactions Linked to Casino Junkets

The Philippines AMLC has officially published the latest study on suspicious transactions linked ...

Philippines AMLC Releases New Study for Suspicious Transactions Linked to Casino Junkets Explore More

News

US Senators Urge CISA to Incorporate Rules for Ransomware Reporting

US senators have urged the CISA to enforce new ransomware reporting rules amid a sharp increase i...

US Senators Urge CISA to Incorporate Rules for Ransomware Reporting Explore More

News

Oman’s CMA Initiates Efforts to Improve Anti-Money Laundering Measures

Oman’s Capital Market Authority is sharpening its focus on improving its anti-money laundering an...

Oman’s CMA Initiates Efforts to Improve Anti-Money Laundering Measures Explore More

News

British Government Prepares Task Force to Halt Financial Crimes

After observing a 70% increase in push-payment fraud, the UK’s government has devised a tas...

British Government Prepares Task Force to Halt Financial Crimes Explore More

News

Namibia Enhances its National Crypto Strategy with New Legislation

Namibia raises the bar with new legislation in the National Crypto Strategy to combat crypto scam...

Namibia Enhances its National Crypto Strategy with New Legislation Explore More

News

FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs

FIU has highlighted in its annual report the risk of money laundering and terrorist financing in ...

FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs Explore More

News

Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering

Seven people, three GSC officers and four other individuals from Guam Shrine Club, a nonprofit or...

Nonprofit Guam Shrine Club Under Fire for Alleged Illegal Gambling and Money Laundering Explore More

News

Victor Fredung Warns Businesses about the Rising Cybercrimes During Halloween

Halloween is one of the most awaited festivals throughout the year. While people plan different t...

Victor Fredung Warns Businesses about the Rising Cybercrimes During Halloween Explore More

News

Italian Regulators Block Consumers from Investing in Binance

Italy has joined the list of warnings against Binance, directing citizens to avoid investing in t...

Italian Regulators Block Consumers from Investing in Binance Explore More

News

Louisiana Approves First Regulation Requiring Age Verification to Access Pornography Sites

Louisiana’s House of Representatives passed the bill against age verification in the porn industr...

Louisiana Approves First Regulation Requiring Age Verification to Access Pornography Sites Explore More

News

Seychelles Prosecutes First Money Laundering Case Against Elites from Pandora Papers

Seychelles, known for being a tax haven, was recently removed from the EU’s blacklist and is purs...

Seychelles Prosecutes First Money Laundering Case Against Elites from Pandora Papers Explore More

News

France Ranked Among Countries with Effective Measures to Tackle Financial Fraud

The latest FATF report ranks France among countries that have effective measures in combating fin...

France Ranked Among Countries with Effective Measures to Tackle Financial Fraud Explore More

News

TD Banking Group Expects US Penalties for Money Laundering

TD Banking Group disclosed that they expect fines and non-compliance penalties related to US auth...

TD Banking Group Expects US Penalties for Money Laundering Explore More

News

UAE Central Bank Issues New Anti-Money Laundering Guidelines

The Central Bank stated that all financial institutions have a month to comply with the new AML g...

UAE Central Bank Issues New Anti-Money Laundering Guidelines Explore More

News

Gibraltar financial watchdog issues warnings for four crypto sites

The Gibraltar Financial Services Commission, or GFSC, on June 5th, issued four public warnings to...

Gibraltar financial watchdog issues warnings for four crypto sites Explore More

News

Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams

Fake employment advertisements defrauded many job seekers with theft of money and personal detail...

Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams Explore More

News

FATF Urges Japan to Implement Stronger AML Measures

The FATF mutual evaluation report on Japan proposes the formation of a joint-agency body to enhan...

FATF Urges Japan to Implement Stronger AML Measures Explore More

News

Man Sentenced to 5 Years in Jail for Laundering $2.6M Through BTC ATMs

UK law enforcement authorities recently sentenced a 22-year-old man named Bazyli Rymarz to 5 year...

Man Sentenced to 5 Years in Jail for Laundering $2.6M Through BTC ATMs Explore More

News

CBUAE Issues New AML/CTF Guidelines for the Insurance Sector

The Central Bank of the UAE (CBUAE) has announced new Anti Money Laundering and Countering Terror...

CBUAE Issues New AML/CTF Guidelines for the Insurance Sector Explore More

News

Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering

The Finance Ministry of Iran has released its first list of individuals suspected of having links...

Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering Explore More

News

House Bill Passed in Philippine to Enforce AML LAW

House of Representatives has approved legal amendments to regulate the developers, metal dealers,...

House Bill Passed in Philippine to Enforce AML LAW Explore More

News

Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK

The Financial Conduct Authority (FCA) crackdown forces new crypto investors in the UK to wait 24 ...

Following an FCA Crackdown, Cryptocurrency Investors to Wait 24 Hours Before Completing Their Transactions in the UK Explore More

News

Singapore’s Public Warned Against the Highly Volatile Crypto World

Singapore’s financial regulators once again warn their public about the risks of the cryptocurren...

Singapore’s Public Warned Against the Highly Volatile Crypto World Explore More

News

Fintrac Warns Casinos of Gamers Paying with Bank Drafts

Canada’s anti-money laundering agency is warning casinos to be cautious of customers who pay for ...

Fintrac Warns Casinos of Gamers Paying with Bank Drafts Explore More

News

Ring doorbell gives user data to Facebook and Google

Recent investigation suggests that Ring doorbells are exposing the customers’ data to companies s...

Ring doorbell gives user data to Facebook and Google Explore More

News

FATF Warns Many Countries Continue to Face Challenges in Meeting Virtual Asset Regulations

Approximately 75% of FATF member countries fail to adhere to or only partially comply with Recomm...

FATF Warns Many Countries Continue to Face Challenges in Meeting Virtual Asset Regulations Explore More

News

FATF Urges Member Countries To Lead by Example in Implementing Travel Rule

The global financial watchdog FATF has urged countries to implement the travel rule in the legisl...

FATF Urges Member Countries To Lead by Example in Implementing Travel Rule Explore More

News

Binance Tightens KYC Verification to Meet Regulatory Compliance

Customers that fail to meet the new requirements will only be allowed to withdraw funds, close po...

Binance Tightens KYC Verification to Meet Regulatory Compliance Explore More

News

FIAU Charges ECCM Bank €310,000 for Weak AML Controls

FIAU charged Silema-based ECCM Bank €310,000 over failings in money laundering controls, revealin...

FIAU Charges ECCM Bank €310,000 for Weak AML Controls Explore More

News

Turkey Remains on the FATF Gray List for AML Regulations Failures

Turkey’s government has failed to comply with Anti-Money Laundering (AML) and Counter-Financing T...

Turkey Remains on the FATF Gray List for AML Regulations Failures Explore More

News

European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding

The European Banking Authority (EBA) has issued its final policies on remote customer onboarding ...

European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding Explore More

News

FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK

UK’s Financial Conduct Authority (FCA) has called out EU firms operating in the UK to meet their ...

FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK Explore More

News

Central Bank Of China Tightens Financial Regulations to Curb Money Laundering

The Central Bank of China is tightening financial regulation to put limits on transactions, aimin...

Central Bank Of China Tightens Financial Regulations to Curb Money Laundering Explore More

News

New Zealand Forces Banks To Strengthen Their Security Measures

New Zealand’s parliamentary committee has urged banks and financial institutes to bolster their s...

New Zealand Forces Banks To Strengthen Their Security Measures Explore More

News

FATF Urges Japan to Implement Stronger AML Measures

The FATF mutual evaluation report on Japan proposes the formation of a joint-agency body to enhan...

FATF Urges Japan to Implement Stronger AML Measures Explore More

News

Authorities Warn that the Current Crypto Landscape is Plagued with Scam

According to the Connecticut State Police, the emerging virtual cryptocurrency market is prone to...

Authorities Warn that the Current Crypto Landscape is Plagued with Scam Explore More

News

Sri Lankan AMLO Fines a Bank and Two Finance Firms for Non-Compliance

Approximately two million rupees worth of fines were imposed on three financial institutions in S...

Sri Lankan AMLO Fines a Bank and Two Finance Firms for Non-Compliance Explore More

News

“Money Mule Crimes Double in Cork, Students are an Easy Target”, Says the Police

According to police investigations, the number of money mule activities in Cork city has doubled ...

“Money Mule Crimes Double in Cork, Students are an Easy Target”, Says the Police Explore More

News

Mirabaud Bank Fined $3M for AML Failings by Dubai Authorities

The Dubai Financial Service Authority (DFSA) levied a fine of $3M on the Middle Eastern bank, Mir...

Mirabaud Bank Fined $3M for AML Failings by Dubai Authorities Explore More

News

United Nations Calls for a Pact to Fight Financial Crimes

United Nations’ panel of experts has called on the governments around the world to take part in e...

United Nations Calls for a Pact to Fight Financial Crimes Explore More

News

FATF Discloses Outcomes of October Plenary Meeting

The international regulatory authority, Financial Action Task Force (FATF), concluded its fourth ...

FATF Discloses Outcomes of October Plenary Meeting Explore More

News

UAE banking sector unites with law enforcement agencies to tackle fraud

Dubai: UAE’s first national fraud awareness campaign has been initiated with the collaboration of...

UAE banking sector unites with law enforcement agencies to tackle fraud Explore More

News

Thousands of NSW driver’s licenses exposed online in a data breach

Last week, tens of thousands of NSW driver’s licenses were left exposed online. The breach was ac...

Thousands of NSW driver’s licenses exposed online in a data breach Explore More

News

Global Banks Slapped with a Total of $14.21 Billion Fines in 2020

Finbold released a report on the global banks that were fined in 2020. According to the report, a...

Global Banks Slapped with a Total of $14.21 Billion Fines in 2020 Explore More

News

Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower

The Swiss Prosecutors have launched an investigation, not after the bank but against the Suisse S...

Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower Explore More

News

HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers

The Human and Environmental Development Agenda (HEDA), the leading civic society organization on ...

HEDA Calls for Professional Regulatory Bodies to Sanction Corruption Enablers Explore More

News

Star Casino Faces Class Action for Anti-Money Laundering Failures

The Star casino has been hit with a shareholder class action for its alleged non-compliance with ...

Star Casino Faces Class Action for Anti-Money Laundering Failures Explore More

News

German Parliament Passes Anti-Money Laundering Laws

On Thursday, the German parliament passed a draft of anti-money laundering measures to make sure ...

German Parliament Passes Anti-Money Laundering Laws Explore More

News

Google launches a new website to educate people about online scams

Hackers are more active during the COVID-19 outbreak than normal routine, considering which Googl...

Google launches a new website to educate people about online scams Explore More

News

FinCEN Proposes Beneficial Ownership Reporting Requirements

The FinCEN proposed beneficial ownership reporting requirements to protect U.S financial system f...

FinCEN Proposes Beneficial Ownership Reporting Requirements Explore More

News

Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case

The two well-known banks in Singapore, Development Bank Singapore (DBS) and Overseas Chinese Bank...

Two of Singapore’s Banking Giants Involved in Billion-Dollar Money Laundering Case Explore More

News

FinCEN Proposes Extension in Suspicious Activity Reporting Rules

The US Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM...

FinCEN Proposes Extension in Suspicious Activity Reporting Rules Explore More

News

Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF

FATF suggests nations and financial service providers should identify potential risks of cryptocu...

Mass Stablecoin Adoption Could Assist Financial Crime – Says FATF Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started