Turkey’s cryptocurrency exchange Paribu is increasing its capital

Turkish cryptocurrency exchange Paribu, which reaches an average daily volume of 150 million dollars, announced that it has increased its paid-in capital from 40 million TL to 500 million TL.

Paribu CEO Yasin Oral, who stated that they serve approximately 6 million users, mentioned that they are preparing for possible regulations and aim to be ready for potential regulations. He also emphasized that they currently have the highest paid-in capital among the country’s trading platforms. Paribu, founded in 2017, has listed over 110 cryptocurrencies.

Paribu CEO Yasin Oral, stating that they take care to tax their revenues, highlighted that they transparently share accurate volume data and implement all procedures and technical services seamlessly to securely safeguard user data and assets.

Yasin Oral emphasizes the need for a capital requirement in the cryptocurrency market, stating that it would be effective in instilling confidence in investors trading in this market. He suggests that entry and exit into the market should be regulated.

We should not expect a new “fatal traffic accident.” Again, what should be the capital requirement for companies providing these services? Because we are the custodians of the assets of those using this market.

Yasin Oral stated that technology should also be defined in relation to this sector. He mentioned that the Capital Markets Board (SPK), which is the main regulatory authority for the sector, is aware of this. It should also be decided how crypto assets will be stored, as there are few companies providing this service and it requires technology. He mentioned that they are working to provide custody services as a service.

“We are planning to expand abroad.”

Paribu CEO Yasin Oral stated that they are currently engaged in serious work to determine where and how they should expand globally. He mentioned that they will likely make strategic decisions and progress within this year. They plan to start accepting users from abroad. He also mentioned that their goal is not only limited to the buying and selling aspect but also to globalize by productizing the technologies they have developed.

Birol Bozkurt/Dünya

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