Bitcoin Forum

It appears Turkey is looking to decrease the usage from their locals.

A couple of changes:


For a country with 17% english speakers and low english proficiency index (https://www.ef.com/wwen/epi/regions/europe/turkey/), removing the local language could be a big hit. They could still use the automatic translation from google for instance but at some point, they'd have to leave some stuff to faith because machine translation could have several inaccuracies. I can't speak about others but I wouldn't wanna second guess every action I make.

Nevertheless, at least, it's not a full blown restriction.

This regulation doesn't make sense. If you don't like a service, why would you order it to not post stuff in your language instead of telling it to stop all operational activities in the country?

I am not aware of any new Turkish regulation about this though, so if someone can provide a better link, I guess that would clarify the situation much better.

The article link that Potato Chips provided is coming from Binance directly. Even news do take what is written by the exchanges to make up their own news content. According to the Binance article, it is not that they are just doing it but that Turkey regulations has been the reason I think that is clear enough. Turkey indirectly do not want foreign exchanges. They want to discourage their citizens from using foreign exchanges.

I do not see any strong issue here, once it is money, people will find their way around it. For me, I think the reason is beyond the decrease in the Binance population in that country because, many would have opened their Binance account already and if it is positive for them, they will not abandon it due to the mere language regulations. Also, in another view, this is Binance announcing and not the Turkish government, it might not even have to do with regulation as claimed by Binance, you can't trust them, it might be to reduce the extra money Binance is spending in a way.

If it is entirely English, they will spend the same as other countries but once it is Turkish, they might be spending more for some kind of interpretation, marketing and coding to make it more local. I don't see any reason why the Turkish government would be demarking their local language when their citizens can still find their way around the English language. If that is the case, then it is ill-advised in my opinion.

It will not be easy in a non English speaking country. People in such country like that may move to exchanges that are in their language. Another thing to consider are the new users and people that are just yet to register. This will discourage them.

Binance have managed to make the exchange to the people in their local language, but I do not see any other good reason that Binance will just want to withdraw that. They know how this can affect them negatively. It is the government. It is on the announcement.

Have you ever been to Turkey?
There is no way only 17% of people speak English language, especially younger people in big cities and tourist areas, and you can't expect seniors to think about binance.
Even if we imagine that this is true, it's super easy to use auto-translate in browser and everything will be translated to Turkish language.
This binance rule updates are one big joke.

This information appeared on my news feed a couple of hours ago and I also wanted to see if I could understand the reasoning behind removing the Turkish language. Basically yesterday a couple of new rules went into effect in the Official Gazette[1] - a national journal that publishes new legislation basically - regarding cryptocurrency and services that choose to operate in that area. You can see them in here[2].

My hopes was to see a reasoning behind that decision but I found none - what reasoning there is in removing a local language - be it Turkish or not - from a service that is being provided to the general population? My suspicious is that they simply do not want to push their dominance in the Turkish market and want to create a more balanced market considering that they also banned any kind of marketing efforts in the country. It does still sound odd though.

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[1]https://en.wikipedia.org/wiki/Official_Gazette_of_the_Republic_of_Turkey (https://en.wikipedia.org/wiki/Official_Gazette_of_the_Republic_of_Turkey)
[2]https://www.mondaq.com/turkey/fin-tech/1487674/regulation-on-crypto-assets-law-amending-the-capital-markets-law-no-6362 (https://www.mondaq.com/turkey/fin-tech/1487674/regulation-on-crypto-assets-law-amending-the-capital-markets-law-no-6362)

This means that people would have to use the web interphase. Using the Apps which I am pretty sure are more popular than the web version will be hard for those who are not conversant with English.

What I wonder is if they will also delist the Turkish lira from their platform. Turkish lira is one of the few fiat currencies that has trading pairs in the sport market.

Are you from Turkey or you went there as a tourist? According to what I saw online, people in tourist areas speak English but people from other places do not speak English. If you are a visitor or if you are residing in the country but you have not been to other areas before in Turkey, it is possible that you are getting it not right.

This is true. I have used the auto translate on Chrome browser before and it worked. But that means many people will have to change from the app which is more convenient for me to browsers.

The English words on binance are basic and anyone can understand them, and translation has become professional, so such legislation is a waste of time.
The big problem will be the support team and reading the terms of use.

The gov want people to use the exchanges which are based in Turkiye. They don’t want people to use the international exchanges where the government has limited or no reach. When the gov demands something from binance.com, binance will ignore it since they can and the gov can’t do anything (other than banning them completely) about it if they don’t comply. Obviously the gov don’t want to look like a helpless little girlie.

Little they know is that they lost the game when bitcoin was invented. They think they can still control people but the gene got out of the bottle long time ago. Even banning binance completely won’t change anything.

It's a weird decision by Binance. I don't have access to Binance anymore but did they specify the particular provision of the amended law which served as a ground for their policy update? It seems there's nothing in "The Law No. 7518 Amending the Capital Markets Law No. 6362" which specifies local language use on international platforms.

As to their marketing activities, it's only a matter of asking for permission. The law states that "Activities conducted by foreign platforms targeting residents of Turkey without authorization will be considered unauthorized crypto asset service provision... directly or indirectly promoting and marketing crypto asset services to residents of Turkey will be deemed to constitute targeting Turkish residents."^[1]

I suspect it's mainly a matter of Binance refusing to comply with the requirements asked by the government. Binance has this penchant to sidestep local regulations. If possible, they want to do business without paying taxes, obtaining a license, submitting to regulations, and so on.

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[1] https://www.mondaq.com/turkey/fin-tech/1487674/regulation-on-crypto-assets-law-amending-the-capital-markets-law-no-6362

Do people even read the terms of use of whatever service they patronize, i am sure even when it was written in the Turkish language, little to nobody read it, so i don't think it would be a problem now. This regulation is kind of funny, and it only proves one thing, and that's that it might not be a very long time before they ban binance completely from offering their services to the people of Turkey.

Turkish government introduced a new law to require license for cryptocurrency exchanges operating in Turkey. It is because they are planning to bring tax for crypto trades. Binance Global does not offer offramp for Turkish residents already, however it has a local (different website) brand here "Binance TR" which allows you to offramp crypto pretty easily. They do not want to get fined because of violation of regulation, so they will stop marketing for Turkish users on Binance Global exchange. Binance TR is okay for now, because it's a Turkish company compliant with regulations.

By the way Minister of Finance explained that they won't restrict people from using global exchanges. I think they are just trying to keep volume in local exchanges, because it's obvious global exchanges will not help for taxation.

I think there is an geographical sentiments about this or probably to say... Ethnic interest to be emphasized about this because it is getting obvious that the government of Turkey does not want that English correspondence with their citizens in the international CEX as the case maybe, there is becoming unnecessary rooting T&C from several governments now within this eras that crypto currencies has taken global influential shape.

Most governments now want to resume autonomous in controversial of the decentralized modelitty of Bitcoin and the rest potential crypto currencies at its peak of self-custodial precisely holding the response on the Centralized exchanges.

Else there is no difficulties of every readability individual to cope with the Binance exchange features including the English terms which is not being so highly professional to be horrible to understand.
The government just want to create their own CEX in further promotion of their native language instead of embracing the English terms else it is all unnecessary motive.

I don't know how accurate these tools are, but when I checked the web Traffic of Binance.com. Guess who's at the top?
https://www.semrush.com/website/binance.com/overview/

https://talkimg.com/images/2024/07/11/o7XhD.png

I am equally shocked about high web traffic coming from Turkey into the platform, I guess the popularity is really so high over there that It caught the eye of the regulators.

It is natural because there isn’t any other international platform where Turkish people can freely trade crypto. Kraken is EU based as far as I know. Coinbase and Gemini are for the US citizens. Bitfinex is crap and not popular at all. Kucoin also lost its popularity a while ago.

Binance is the most popular exchange here and people are making lots of money from the ref links they share. I made some money too and I only shared my link once. Binance is huge here. People don’t really trust the local crypto exchanges because they get hacked or scam people regularly. Binance is still the best.

Even if they are trying to keep and increase volume for local exchanges, these new regulations isn't going to aid it, i am sure Binance users in Turkey would be able to use the exchange in English language, and as for stopping marketing activities, i don't think that is a big problem, Turkish customers already know about binance so well, so even if they stop promoting their service there, people are still going to use it. People do not trust local exchanges as much as they trust global exchanges, and that's the fact.