Established in July 2013, the centralized digital asset exchange BtcTurk was the first cryptocurrency trading venue in Turkey and reportedly only the fourth in the world at the time. According to the Emre Kenci, CTO of BtcTurk, the team started working on the platform in January 2013, after they recognized the extreme potential behind Bitcoin. Their idea was to provide clients with an easy way to trade Lira for cryptocurrencies. However, soon after it was launched, on August 19, 2016, BtcTurk announced the closure of its corporate bank accounts. This was a consequence of Turkish regulatory authorities’ decision not to grant license over concerns of Bitcoin’s trustworthiness. The exchange started to restore users’ funds by August 22 the same year.
However, soon after, BtcTurk launched again and started to offer its clients the chance to trade Turkish Lira against BTC, ETH, XRP, USDT, LTC, XLM, and XRP. BtcTurk’s functionalities are well-developed with the only downsides that it does not accept PayPal payments, cash or credit card deposits. It only accepts fiat via wire transfer.
When it comes to security features, it is worth noting that BtcTurk employs two-factor authentication. The exchange says it stores 95% of its clients’ funds in cold storages with geographically distributed backups. As a matter of fact, in BtcTurk’s history, there haven’t been any major operational or security-related issues.
Over time, BtcTurk managed to establish itself as the most trusted cryptocurrency exchange in Turkey. However, it should be pointed out that, at the time of this writing, the exchange is yet to be regulated due to the Turkish government’s lack of cryptocurrency-related oversight frameworks. Yet, according to the trading platform, they are trying their best to keep their business as open and as transparent as possible. For example, it doesn’t allow anonymous trading. Each client should verify his/her identity with a valid ID document, a proof of address and a selfie.
At the time of writing, BtcTurk employs more than 90 people in the exchange’s headquarters in Istanbul. Almost half of them are working in the customer support department. This is one of the reasons why there are no major client complaints reported and most issues are usually resolved in time.
Whether it is about Turkey’s policy or the exchange itself, BtcTurk has always been subject to controversies like gossips for shutting down and periodical phishing attacks, targeted at the platform’s users from fake sites and applications. In a bid to bring more transparency and change the public opinion, BtcTurk appointed Ozgur Guneri as its new CEO. Guneri, an MBA from the London Business School, is known for his vast experience in the financial sector on positions like Vice General Manager, General Manager, Chief Investment Officer and a board member in Finansbank Group. He was also a CEO of Finansinvest. At the time of writing, alongside being a CEO of BtcTurk, Ozgur Guneri is also a CEO of BtcTrader, a blockchain development company.Read More