Access to Global Cryptocurrency Exchanges Restricted from Turkey

The Capital Markets Board (CMB) imposed a ban on the cryptocurrency exchange MEXC in Turkey with a decision made on December 11, 2024. This decision is believed to have been taken due to non-compliance with regulations that require cryptocurrency platforms in Turkey to appoint local representatives and obtain the necessary licenses. MEXC was included among the platforms subjected to access restrictions for failing to comply with these regulations.

The CMB continues to take action to reduce risks to individual investors posed by unauthorized platforms. Restricting access for exchanges offering leveraged trading to investors in Turkey is crucial for market regulators. This decision is considered a warning to other cryptocurrency exchanges.

MEXC issued a notification regarding the access ban, stating that a technical issue was encountered. The company emphasized that assets are secure and announced that transactions could continue through the mobile app and alternative links. MEXC urged users to be patient, stating that the technical team is working to resolve the issue.

Meanwhile, users in Turkey are continuing to access the platform via VPNs or different internet service providers. However, it is expected that the access ban will be extended to cover all providers. Users in the Turkish Republic of Northern Cyprus reportedly faced no issues accessing the platform. Similar monitoring of other cryptocurrency exchanges in Turkey is also anticipated, with expectations that those failing to comply with regulations will face sanctions.