Binance CEO Talks Crypto With Turkey Minister, This Is What’s Cooking?

Binance chief executive officer CZ had on Wednesday held discussions with Turkey authorities as the country prepares to regulate crypto. In the last few months, the country has been working on bringing in regulations for virtual currencies. Also, the country serves as a significant market for Binance’s services with a huge user base in the country.

CZ Discusses Blockchain Ecosystem With Turkey Minister

On Wednesday, CZ had a virtual meeting with Dr. Nureddin Nebati, the minister of treasury and finance for Turkey. During the meeting, the two discussed blockchain ecosystem and crypto assets. The meeting gains prominence as several crypto companies across the world face legal scrutiny and increased regulatory pressure. The minister informed the same in a tweet.

“We had a virtual meeting with Mr Changpeng Zhao, the founder of Binance. Mr CZ and I had discussions on the blockchain ecosystem and crypto assets.”

Turkey Is Key To Binance

While the country’s authorities are chalking out a regulatory strategy for cryptocurrencies, the finance minister took this initiative. Also, Binance is one of the largest players in Turkey’s crypto ecosystem. According to SimilarWeb, Turkey is the leading country sending the highest traffic to Binance last month. With a share of 6.37% traffic for Binance, Turkey is behind Russia at 6.29%. The crypto exchange also holds dominance in Turkey’s financial space. Binance ranks fourth among companies in the financial investing category, as per SimilarWeb.

Meanwhile, CZ recently expressed optimism over the crypto market’s prospects in the wake of the FOMC meeting. He said time was ripe to build on blockchain instead of holding assets in context of growth in the market. CZ stated that crypto companies building currently could go on to become massive organizations. He drew a parallel with the 2000 dot com boom. The dot com burst gave the surviving companies a huge advantage, he added, hinting at the crisis surrounding the market currently.

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with the industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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