Access Blockade to Unlicensed Cryptocurrency Exchanges by the Capital Markets Board
In Turkey, the Capital Markets Board (CMB) has imposed access restrictions on the websites of over 50 cryptocurrency exchanges that operate without permission. In its weekly bulletin, the CMB announced that legal actions would be taken against websites identified as providing unlicensed cryptocurrency services in Turkey and conducting leveraged transactions abroad. A total of 108 websites are subject to access restrictions, with a significant portion of these being cryptocurrency exchanges.
Burak Mercan, the Chairman of the Capital Markets and Financial Law Committee of the Ankara Bar Association, stated that these decisions aim to ensure that the cryptocurrency market becomes reliable and transparent. He pointed out that some exchanges abroad continue to offer support in Turkish and advertise to users in Turkey, emphasizing that such activities contributed to the CMB's decision to impose access restrictions.
Measures taken to protect investors The decisions made by the CMB were implemented to regulate the cryptocurrency market in Turkey and protect investors. Mercan noted that legislative efforts concerning cryptocurrency exchanges in the country are ongoing, and that after these efforts are completed, many exchanges will either need to cease operations or comply with regulations. The legal framework in Turkey was established through the "Law Amending the Capital Markets Law," which came into effect in July, granting the CMB regulatory authority in this area.
According to regulations in Turkey, a cryptocurrency service provider must obtain authorization from the CMB to continue its activities in the country. Currently, there are 77 companies claiming to operate; however, the existence of these companies does not imply that they are authorized under the legislation, and additional applications will be required once the secondary regulations come into force. When the legislation is finalized, many exchanges are expected to obtain licenses to comply with the regulations.