Turkey moves to cover crypto service providers under its money laundering regulations

Turkey added “crypto asset service providers” to companies affected under anti-money laundering and terrorism funding law, according to a presidential decree published in Turkey’s Official Gazette on May 1. 

Turkey’s decision to regulate crypto exchanges took effect immediately, spurred by the Central Bank of the Republic of Turkey’s belief that digital assets pose “significant risks."


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The move comes three weeks after Turkey barred cryptocurrency as a legitimate payment option and one week after two Turkish crypto exchanges — Thodex and Vebitcoin — collapsed

Authorities still appear to be searching for Thodex CEO Faruk Fatih Ozer, who allegedly fled with $2 billion in investor’s money after the exchange faltered. As of April 30, 83 people affiliated with Thodex have been arrested, including Ozer’s brother, sister, and other senior company employees, according to Reuters.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.