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Turkish Referee Flips Bitcoin at Istanbul Derby Kick-Off, Soccer Authority Launches Probe

Turkish Referee Flips Bitcoin at Istanbul Derby Kick-Off, Soccer Authority Launches Probe

A soccer referee’s decision to toss a bitcoin before the start of a recent match between Istanbul giants Beşiktaş and Fenerbahçe has sparked controversy in Turkey. The country’s football authority is trying to establish why a crypto coin was used for the ritual when that role should have been reserved for the Turkish lira.

Bitcoin Coin Toss at Soccer Game Under Investigation in Turkey

The latest clash between Istanbul soccer clubs Beşiktaş and Fenerbahçe ended in a 1-1 draw but it’s not the tight game that drew the most attention, the Turkish daily Hürriyet wrote in article about the sports event. With photos posted on social media showing the referee flipping a Bitcoin-branded coin, it’s the kick-off ceremony that came to the forefront, the newspaper notes.

Before every soccer match, the referee would flip a coin to determine which team is going to start with the football. The Turkish Football Federation (TFF) is now examining the case as according to its rules, referees are only allowed to use either a 1-lira coin or a special referee coin with one side showing a goalpost, and the other a football.

Former referee Murat Fevzi Tanırlı has been quoted describing the derby’s referee Arda Kardeşler’s coin choice as “monkey tricks.” Tanırlı accused his colleague of besmirching the profession’s reputation, expressed hope the investigation will shed light on his real intention and warned that Kardeşler may be punished for his act. In further comments on the incident, the veteran referee stated:

This is not forgetfulness, it is a move. I really cannot understand why such an experienced referee has scandalized this event.

In statement quoted by Anadolu Agency, the TFF said that Kardeşler flipped a “commemorative Bitcoin” without the knowledge or approval of the federation or Turkey’s Central Refereeing Committee. The 34-year-old, a FIFA-licensed referee with 25 matches in his record this season, is suspected of having signed an agreement with a cryptocurrency platform without the approval of the governing bodies.

Turkish media outlets remark that the kick-off ceremony for the Beşiktaş – Fenerbahçe derby was also covered by many global sports websites, with commentators suggesting that FIFA, the International Federation of Association Football, and UEFA, the Union of European Football Associations, may also get involved in the case.

Hürriyet notes that several online shopping websites sell commemorative coins of Bitcoin. The daily also points out that a number of cryptocurrency platforms have signed commercial and sponsorship agreements with sports teams and Turkish athletes have already participated in some of their advertisements in the past few years.

Do you think the Turkish Football Federation will sanction the referee who tossed a Bitcoin coin at a soccer match? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Vote postponed to renominate SEC commissioner Caroline Crenshaw

Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw” The vote was postponed minutes before it was due to begin by Brown No date has been set for Crenshaw’s renomination A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been…


US SEC Commissioner Jaime Lizárraga to resign in January

  • Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw”
  • The vote was postponed minutes before it was due to begin by Brown
  • No date has been set for Crenshaw’s renomination

A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been postponed.

The vote was originally scheduled on December 11; however, it was postponed minutes before it was due to begin, reports Bloomberg. Sherrod Brown, the Senate Banking Committee chair, delayed the vote. When Brown requested the vote occur later that day, Republican senators blocked his request.

Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

No date has been set for her renomination.

Earlier this week, crypto and blockchain advocacy groups voiced their opposition to Crenshaw’s renomination.

In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

In their letter, they mention Crenshaw’s “continued opposition to the approval of a spot Bitcoin ETP.”

Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

A Republican-majority SEC?

The delay to Crenshaw’s renomination opens up the possibility of a three-person Republican SEC once Donald Trump enters the White House in January. Crenshaw’s term at the SEC officially ended in June; however, if she’s renominated she would be the only Democratic SEC commissioner.

The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.

Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

Including Gensler and Lizárraga, the three remaining SEC commissioners include Republicans Hester Peirce and Mark Uyeda.


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Australia fines Kraken operator $5 million for non-compliance

Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements. The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations. Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for…


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Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for non-compliance with Australian regulations.

The Australian federal court fined Bit Trade following a lawsuit by the Australian Securities and Investment Commission. In its order, the court said that the Kraken crypto exchange operator must comply with the country’s crypto regulations.

The court ordered that the exchange ought to pay 8 million Australian dollars as a penalty for non-compliance with the local regulations. Notably, Kraken recently announced a licensed broker offering for clients in Australia.

Bit Trade failed to comply with regulations

In August this year, the court ruled in favour of the Australian Securities and Investment Commission. The regulator had filed a case accusing Bit Trade of issuing a credit facility without following the legal proceedings.

ASIC argued that Bit Trade did not make the target market determination, a requirement to protect investors. Between October 2021 and August 2023, ASIC stated that the firm offered a margin extension to 1,100 users which cost them a loss of over $5.2 million without following the legal requirements.

The market regulator’s demand was Bit Trade to pay a fine worth 20 million Australian dollars. On their argument, Bit Trade put their limit to a maximum of four million Australian dollars. The penalty follows these proceedings, and the Kraken operator in Australia has 60 days to comply with the order.

In addition, the firm would cover for all the commissions court proceedings costs.

Kraken has faced regulatory hurdles in the US too, with the Securities and Exchange Commission (SEC), suing the exchange earlier in November 2023.

SEC’s allegations include Kraken offering of unregistered activities and operating as an unregistered broker. In August 2024, a US court denied the exchange’s motion that sought to dismiss the SEC’s lawsuit.


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Saylor and Bukele Discuss How El Salvador Can Accelerate Global Bitcoin Adoption

Michael Saylor has met with Salvadoran President Bukele to discuss accelerating global bitcoin adoption as El Salvador strengthens its position, continuing to accumulate bitcoin despite IMF-driven policy adjustments. Michael Saylor Meets Nayib Bukele to Discuss Bitcoin Strategy Michael Saylor, executive chairman of Microstrategy (Nasdaq: MSTR), met with El Salvador’s President Nayib Bukele on Feb…
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