Attention crypto users! The deadline granted by the Capital Markets Board (SPK) for foreign crypto platforms has expired.

The three-month period given to foreign cryptocurrency platforms operating in Turkey has ended today. Platforms that did not apply to the Capital Markets Board (CMB) must cease their marketing and promotional activities within Turkey. This important regulation aims to make the domestic cryptocurrency market more orderly and secure.

CMB's New Cryptocurrency Regulation: The Transition Period Granted to Foreign Platforms Has Ended

A new era has begun in Turkey's cryptocurrency market. According to the new regulation, foreign platforms operating without permission from the Capital Markets Board (CMB) had to terminate their services in Turkey, but some major cryptocurrency platforms have not yet complied with this decision.

With the amendment published in the Official Gazette last July, the authority to supervise cryptocurrency markets was transferred to the CMB. Under this regulation, foreign platforms were granted a three-month compliance period. According to the "List of Active Operators" published by the CMB, 80 companies applied to operate in our country, while according to the "List of Companies Applying for Liquidation," 8 companies applied for liquidation to terminate their activities in our country.

Foreign-based cryptocurrency platforms operating in our country that did not apply were required to submit a liquidation application. According to the CMB's current listings, cryptocurrency exchanges MEXC, Gemini, Kraken, ProBit Global, XT.COM, Pionex, KCEX, and Fastex have not yet made any operational or liquidation applications. Although Gemini, Kraken, ProBit Global, and Pionex, which did not make any applications, have removed Turkish language support from their websites, MEXC, XT.COM, KCEX, and Fastex still offer Turkish language support on their sites.

As of today, the CMB announced that legal sanctions would be imposed on foreign platforms that continue to operate without making any applications. While some foreign-based cryptocurrency exchanges have decided to halt their services and marketing activities aimed at Turkish users and have implemented this decision, the non-compliance of some cryptocurrency exchanges with this decision puts the funds of users utilizing these exchanges in our country at risk.