Crypto

Crypto Exchanges Flocking Towards Turkey: Coinbase, KuCoin Apply for Licence

Published

3 hours ago

August 19, 2024

Crypto Exchanges Flocking Towards Turkey: Coinbase, KuCoin Apply for Licence

Coinbase, KuCoin, Gate.io, and several other small and large cryptocurrency brands are now attempting to obtain business licences in Turkey, according to an updated list published by the Capital Markets Board of Türkiye.

Top Companies Seek Turkish Licence

First published on August 9, the list included 47 names of cryptocurrency companies. However, it was later updated to add more names, bringing the total to 76.

“The list published here has been created to inform the public about the organisations that declared that they will operate in accordance with the Temporary Article 11 of the Capital Markets Law No. 6362 (Law),” a preface to the list of the companies noted (translated from Turkish).

“In this context, the existence of the ‘List of Those Operating’ does not mean that the organisations included in this list are authorised in accordance with the relevant legislation.”

Finance Magnates

A part of the list of crypto firms seeking Turkish license; Source: Capital Markets Board of Türkiye

No Crypto-Specific Regulation

The names appeared when cryptocurrency regulations in Turkey were in a state of flux. The industry is being regulated by existing market regulations as there is no specific crypto regulation framework in the country. In January, the country’s Treasury and Finance Minister Mehmet Şimşek indicated the completion of proposed crypto-specific legislation; however, no draft has yet been revealed.

Interestingly, Binance recently terminated all its marketing activities in the country, citing regulatory compliance. Although Turkish clients can still access the largest crypto exchange by trading volume, it has decided to gradually turn off Turkish language options within three months.

Binance’s name is also in the latest list of cryptocurrency companies published by the Capital Markets Board of Türkiye. Other notable names are Bitfinex, Crypto.com, and BitBNS.

Turkey has also witnessed a massive surge in demand for cryptocurrencies. The country ranks fourth in terms of trading volume, with $170 billion, only behind the United States, India, and the United Kingdom.

MENA countries by crypto trading volumes; Source: Chainalysis

The rise in cryptocurrency demand can be correlated with Turkey’s struggling economy. The value of the Turkish lira has plummeted by more than 82 per cent against the US dollar in the last five years, now at its lowest level ever.

Crypto

Winklevoss Twins Criticize Kamala Harris, Shiba Inu's Stagnating Burn Rate, And More: This Week In Crypto

Published

10 hours ago

August 18, 2024

Press Room

The week was buzzing with cryptocurrency news, from the Winklevoss twins’ critique of Vice President Kamala Harris‘ absence at a crypto roundtable to the stagnating burn rate of Shiba Inu’s tokens. The crypto world also saw some political influences, with Anthony Scaramucci advocating for a bipartisan commitment to crypto regulation and Mark Cuban securing an assurance from Chuck Schumer (D-NY) on sensible crypto law. Let’s dive into the details.

Winklevoss Twins Criticize Kamala Harris

Co-founders of Gemini, Cameron and Tyler Winklevoss, expressed their disappointment over Harris’ continued absence from cryptocurrency roundtables. Cameron Winklevoss took to social media to voice his concerns, stating, “Harris is a no-show again for the latest crypto roundtable. But don’t worry, she’s really into crypto. She gets it. Progress is being made. We just can’t point to anything at this time.” His brother, Tyler, echoed these sentiments.

Read the full article here.

Shiba Inu’s Stagnating Burn Rate

Shiba Inu SHIB/USD saw a 45% drop in its burn rate over two days as of Thursday, causing traders to question the coin’s near-term upside. In other news, the Shib community launched ShibHub, an app that forms the core of the Shiba ecosystem, allowing users to engage in DeFi, NFTs, social networking, and Web3 gaming.

Read the full article here.

See Also: Ethereum Creator Vitalik Buterin Shakes Up Crypto World With Surprise ETH Deposit To Exchange

Scaramucci Advocates for Bipartisan Crypto Regulation

Scaramucci, CEO of SkyBridge Capital, stressed the need for positive and bipartisan regulation of digital assets during a virtual town hall interaction organized by the “Crypto for Harris” advocacy group. He emphasized that industry leaders wish to avoid political battles and maintain neutrality.

Read the full article here.

Chuck Schumer’s Assurance to Mark Cuban

Senate Majority Leader Schumer assured billionaire entrepreneur Cuban of the importance of “sensible and long-lasting” regulation for the crypto industry during a virtual town hall interaction. Schumer acknowledged the growing popularity of cryptocurrencies, stating that approximately 20% of Americans use them and that the number is expected to rise.

Read the full article here.

Trump vs. Harris: Impact on Crypto

As the U.S. presidential election approaches, market sentiment suggests that a victory for Donald Trump could be bullish for crypto assets, while a win for Kamala Harris could be bearish. A Bernstein report highlights the emergence of Polymarket, a crypto-based prediction market, as a key indicator of election trends.

Read the full article here.

Read Next: Trump-Era White House Official Anthony Scaramucci Says Industry Leaders Want Bipartisan Commitment On Crypto Regulation

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Anan Ashraf.

Market News and Data brought to you by Benzinga APIs

Crypto

Legendary Trader John Bollinger Ends Speculations About This Cryptocurrency

Published

17 hours ago

August 18, 2024

Press Room

Legendary Trader John Bollinger Ends Speculations About This Cryptocurrency

John Bollinger, well known as a trader and the creator of the Bollinger Bands indicator, has recently responded to questions about his views on Litecoin. This was in response to the discussions that followed his latest thoughts on the price movement of Bitcoin’s alternative.

Bollinger noticed that the Bollinger Band “W” patterns, a technical analysis tool he created, accurately predicted the recent price increases of Litecoin (LTC). The “W” pattern is a chart formation where the price forms two distinct lows that resemble the letter “W” before a significant upward move. This pattern often signals a potential bullish trend when it shows up on the Bollinger Bands.

Such rather bullish sentiment toward an altcoin caused displeasure among Bitcoin maximalists, who began to flood Bollinger’s replies with messages that everything is irrelevant because everything against BTC is going to zero. One comment suggested that holding any asset that is losing value against Bitcoin for a decade is irrational.

Holding?

Bollinger responded to the criticism by explaining his stance. He said it is not a good idea to hold onto Litecoin forever and explained his trading approach in a practical way. He said that while markets may face various challenges, his strategy is to trade based on technical analysis rather than holding assets passively.

Who said anything about holding? To quote the trading floor cynic: “We may be going to Gehenna, but we are going to trade our way there.”
— John Bollinger (@bbands) August 16, 2024

Legendary Trader John Bollinger Shares Litecoin Price Chart Worth Thousand Words

Bollinger’s comments show that he is committed to a trading strategy driven by market signals rather than long-term holding. This response not only clarifies his position on Litecoin but also reinforces his trading philosophy amid ongoing debates within the crypto community.

Crypto

Coinbase, KuCoin, others join in Turkey crypto license application

Published

1 day ago

August 18, 2024

Press Room

The Turkish cryptocurrency landscape is experiencing a major transformation as prominent firms like Coinbase and KuCoin compete to obtain business licenses in the country.

This surge in applications follows regulatory updates by the Turkish Capital Markets Board (CMB), marking a critical juncture for the nation’s burgeoning crypto sector.

A growing list of applicants

On Aug. 9, the CMB announced that 47 cryptocurrency companies had initially applied for licenses under new regulatory frameworks. This list, however, has now expanded to 76, with notable additions such as Coinbase, KuCoin, and Gate.io.

Previously recognized entities like Binance, Bitfinex, and OKX were already part of the application process. The inclusion of these major players underscores Turkey’s rising status as a central hub for cryptocurrency activities.

Despite this progress, the CMB has clarified that being included in the “List of Those in Operation” does not equate to official authorization. Each company must still obtain formal approval from the board, which is contingent upon the enactment of secondary legislation.

The list will be updated as companies address regulatory deficiencies or as the CMB concludes its investigations.

Regulatory landscape in Turkey

Turkey’s regulatory environment for cryptocurrencies is still in a state of flux. While comprehensive crypto legislation is not yet in place, existing regulations govern market activities.

Turkish Treasury and Finance Minister Mehmet Simsek indicated in January that local crypto legislation was nearing completion, yet the anticipated draft has not been introduced to parliament.

This regulatory uncertainty has not deterred firms from seeking licenses, reflecting the sector’s optimism and the country’s strategic importance in the global crypto market.

The wave of applications follows the implementation of the “Law on Amendments to the Capital Markets Law,” which came into effect on July 2. This law aims to provide a regulatory framework for crypto asset service providers in Turkey.

According to Chainalysis, Turkey ranks as the fourth-largest crypto market worldwide, with an estimated trading volume of $170 billion. This volume places Turkey ahead of significant markets like Russia, Canada, Vietnam, Thailand, and Germany.

The surge in license applications signals Turkey’s growing prominence in the cryptocurrency sector and its commitment to establishing a regulated and secure crypto market.