Binance’s Turkish Arm to Undergo an 8-Hour Maintenance Period Tonight

At a time when regulations regarding cryptocurrencies are on the agenda in Turkey, Binance TR platform has announced that it will be performing planned system maintenance.

The company announced that, in compliance with the Capital Markets Board’s (SPK) regulations regarding information systems, all services will be temporarily suspended between 01:00 and 09:00 on the night of March 23rd to 24th (tonight).

During the maintenance period, access to the mobile application and website, Turkish Lira (TRY) and cryptocurrency deposits, withdrawals, and transfers, buy/sell orders, instant notifications, and API services will be unavailable. The platform specifically advises users to review their open orders before the maintenance and take necessary precautions against potential risks.

Related News: Bill on the Taxation of Cryptocurrencies in Turkey to Be Debated Starting Tomorrow - Here’s Everything You Need to Know

Binance TR announced that access to the platform will be completely interrupted during the maintenance period, and that crypto assets sent to registered wallet addresses during this time will be automatically credited to accounts after the maintenance is complete. Users will not need to make any further notifications regarding this.

On the other hand, the fact that the draft law containing regulations on the taxation of crypto assets in Turkey will begin to be discussed in the Grand National Assembly tomorrow has accelerated the compliance processes in the sector. According to the proposal, a 10% tax withholding is planned to be applied to the profits obtained from transactions made through platforms subject to the Capital Markets Board (SPK). In this context, it is foreseen that the platforms will directly withhold tax from user earnings in three-month periods.

With the new regulation, platforms are given significant responsibilities in the process of recording and taxing crypto asset transactions, and it is believed that this maintenance work to be carried out by Binance TR may be part of this compliance process.

*This is not investment advice.

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