Turkey has launched a major crackdown on the cryptocurrency sector, blocking access to 46 crypto platforms. This sweeping enforcement action by Turkey’s Capital Markets Board (CMB) targets unauthorized crypto service providers operating without proper licenses under the country's Capital Markets Law.
The crackdown accompanies new 2025 regulations that impose stringent requirements on crypto platforms, including mandatory user verification (KYC), withdrawal delays to monitor suspicious transactions, and increased cooperation between exchanges and authorities to combat illicit activities.
These measures aim to enhance market stability, investor protection, and transparency in Turkey’s rapidly growing crypto market, which became the fourth-largest globally amid high inflation and depreciation of the Turkish lira.
However, the move has sparked severe backlash. Many Turkish citizens view crypto as a financial lifeline amid economic uncertainty, and critics argue the crackdown is less about compliance and more about government control over the decentralized crypto space. Despite the bans, users may circumvent restrictions using VPNs, as seen in other countries with similar prohibitions.
This regulatory push reflects Turkey’s determination to bring the crypto industry under tighter oversight, requiring all platforms to obtain local licenses and comply with anti-money laundering (AML) rules, including the FATF Travel Rule.
The enforcement against platforms serves as a warning to unlicensed providers and marks a new era of centralized control over an industry traditionally defined by decentralization and borderless access.
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