QNB Announces End of Cryptocurrency Activities! Here Are the Details…

Within the scope of regulatory efforts regarding cryptocurrencies in Turkey, the “Law on Amendments to the Capital Markets Law” numbered 518, known to the public as the “cryptocurrency law”, entered into force at the beginning of July upon its publication in the Official Gazette on 02.07.2024.

With this law, the Capital Markets Board (CMB) was given the authority to regulate and supervise cryptocurrency service providers, and on August 5, it published a temporary list of institutions that declared that they would liquidate their activities and institutions that declared that they would continue their activities.

QNB, one of the major banks operating in Turkey, was also on this list. In the application made to the CMB, QNB stated that it would present its cryptocurrency activities under the name QNB Digital Assets.

However, QNB Digital Assets Joint Stock Company announced today that it has terminated its crypto asset service providing activities as of 07/11/2024.

QNB Digital Assets, which did not specify a reason for the termination of cryptocurrency activities, included the following statements in its statement:

“Hello,

As QNB Digital Assets Corporation (QNB Digital Assets), we would like to inform you that we have terminated our crypto asset service providing activities as of 07/11/2024, that we have declared to the Capital Markets Board in this context, and that we will not be accepting new customers as of the said date.

In this context, your account on the QNB Digital Assets platform will be closed on 09/12/2024.

We would like to state that you can reach us via the e-mail address [email protected] during this process.

Your personal data processed by QNB Digital Assets Inc. as the data controller will be stored for 10 years from the date your account is closed, in accordance with our legal obligations. You can send your requests regarding your personal data via the e-mail address [email protected]. You can access the Disclosure Text on the Processing of Personal Data here.

*This is not investment advice.