Turkey has introduced stricter anti-money laundering (AML) regulations related to cryptocurrency. From February 25, 2025, users who conduct transactions exceeding 15,000 Turkish Liras ($425) must provide their identification information to the country’s cryptocurrency service providers.
A notable Ethereum withdrawal was spotted on popular Turkish crypto exchange BTCTurk. 20,000 ETH ($69.87 million) was withdrawn from the exchange and transferred to an unknown wallet with address “0x76eC.” The recipient’s identity remains unclear, but it’s likely a new wallet with no prior transactions.
The large-scale withdrawal raises questions about whether the address belongs to BTCTurk itself or a prominent investor. However, considering Turkey’s recent surge in crypto trading volume and inflation rate, this regulation may have minimal impact on market dynamics. The Turkish lira has become the third-largest fiat currency in crypto markets, with 19% of its value tied to cryptocurrency trading.
Source: https://u.today/698-million-in-ethereum-eth-leave-turkeys-top-exchange-amid-regulatory-boost