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Turkey is in the final stages of introducing crypto legislation, which could lead to its removal from the FATF grey list, says Finance Minister Mehmet Şimşek. Speaking to the nation’s planning and budget commission on Oct. 31, Şimşek said the country has met 39 of the 40 FATF standards and is in the “final stage” of compliance. The FATF grey list serves as a warning to countries to address strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes. Turkey has been on this list since 2021, a status that has eroded confidence in its already fragile economy. Amidst high inflation rates, crypto currencies have gained significant traction in Turkey, becoming an alternative financial refuge for many. You might also like: Hyperinflation fuels Bitcoin’s rise in Turkey and Lebanon, experts say Şimşek revealed that the only remaining hurdle for Turkey to clear FATF’s technical requirements is related to crypto currency assets. “Our necessary effo

The founder of collapsed Turkish crypto exchange Thodex, Farouk Fatih Özer, has been sentenced to 11,196 years, 10 months, and 15 days in prison along with his sister Serap Özer and brother Güven Özer, and fined for 135 million liras ($5 million). The Anatolian 9th Heavy Penal Court announced the verdict on Thursday. Özer was accused of running off to Albania with $2 billion in customer funds when Thodex , one of the largest crypto exchanges in Turkey at the time, suddenly went dark in April 2021. The Thodex founder was extradited back to Turkey in April 2023. Serap and Güven Özer were also detained, along with at least 83 others. However, the court acquitted 16 of the 21 defendants and released four of seven in jail due to lack of evidence. Several others were given prison sentence s for various offences. Thodex chief receives jail sentence for tax evasion amid ongoing $2B fraud trial Read more: Thodex chief denies fraud, says crypto exchange was hacked According to the p

Cryptocurrencies are proving useful in facilitating fast and unencumbered donations during crises, as recently seen during earthquake relief efforts in Turkey and Syria. Donations made in cryptocurrencies are proving to be a fast and far-reaching means of providing financial aid during times of crisis, according to multiple industry players. This has proven to be the case after devastating earthquakes hit parts of Turkey and Syria in February. Blockchain analytics firm Chainalysis estimates that around $5.9 million of donations have been made to support relief efforts in the region in the month since the natural disaster took place. The likes of Turkey’s Ministry of Interior Earthquake Humanitarian Aid campaign, Turkish Red Crescent, Save the Children and Project Hope have received cryptocurrency-based donations. In addition, a number of cryptocurrency exchanges, including Binance, Tether, Bitfinex, OKX, and KuCoin, donated more than $9 million to support victims in the area. Cointel