As it is known today, Turkey is introducing stricter anti-money laundering (AML) regulations related to cryptocurrencies. In particular, starting from February 25, 2025, users who make transactions exceeding 15,000 Turkish lira, or the equivalent of $425, will be required to provide their credentials to cryptocurrency service providers in the country.
Interestingly, a large Ethereum (ETH) withdrawal was spotted today on the popular Turkish crypto exchange BTCTurk. According to a report by Whale Alert, 20,000 ETH, or the equivalent of $69.87 million, was withdrawn from the exchange to an unknown wallet under the address “0x76eC”.
What about the recipient? The address is probably new and has not had any transactions until today. However, all of today’s transactions were made with the participation of BTCTurk.
On the one hand, this may mean that the address belongs to the exchange itself. But on the other hand, it may also be the wallet of a large investor who is moving funds in connection with the latest news.
According to Kaiko’s summer data, the Turkish lira has become the third largest fiat currency in the world in terms of cryptocurrency trading volume, amid high inflation and a weak TRY. The share of the Turkish lira (TRY) in the cryptocurrency market reached a record high of 19% in the first half of 2024.
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