Turkish authorities are drastically increasing control over cryptoexchanges

As you know from our articles, Turkey’s attitude towards cryptocurrencies has never been friendly. This has always been mainly due to a large number of fraudulent projects in this area, and Turkey simply did not want to expose its citizens to such a risk, which is certainly understandable. Last month, however, two huge scams of two stock exchanges, also called EXIT SCAMS, took place in the country. The Turkish authorities were shocked by these events, which was reflected in increased control over crypto exchanges. The two closed crypto exchanges are facing charges of stealing hundreds of millions of dollars, with top officials still on the run.

Also on the basis of these events, the Turkish Minister of Finance, Lütfi Elvan, was invited to the Turkish CNN to explain the situation regarding cryptocurrencies in the state in the discussion. The use of cryptocurrencies for any payments has recently been banned in the country, so people were naturally interested in what will happen to cryptocurrencies. However, they were certainly not pleased, as the finance minister revealed that Turkish crypto exchanges will soon have to report all transactions in excess of 10,000 Turkish lira, which is only $1,200. According to many experts, we can thus expect that many companies in Turkey will simply cease to operate, as conditions in this state are literally unacceptable to many.