24.07.2026 18:10
The global crypto platform MoonPay, which is not on the list of licensed institutions by the CMB, has come under scrutiny for offering crypto buy-sell services via credit card to users in Turkey through its Turkish-language site. Violating the CMB regulation requiring that transfers be made only from personal bank accounts and actively marketing with Turkish Lira support, the platform faces allegations of unauthorized operations. Potential consequences for those responsible include prison sentences and access blocks.
Global crypto platform MoonPay, which is not on the Capital Markets Board's (CMB) current list, continues to offer cryptocurrency buying and selling services via credit card to users in Turkey through its Turkish-language website. The platform's credit card-centric business model raises serious legal non-compliance and unauthorized activity concerns in light of the CMB's regulations requiring transfers through bank accounts.
CRYPTO PURCHASES WITH CREDIT CARDS EXPLICITLY ENCOURAGED
MoonPay's Turkish platform states that more than 100 crypto assets, including Bitcoin, Ethereum, Solana, XRP, USDT, and USDC, can be purchased with Visa, Mastercard, and Maestro cards. Calls to action (CTAs) such as "Buy cryptocurrency with credit card" and "Select your payment method," which direct users to register and enter their card information, are actively featured on the site.
CRYPTO SALE PROCEEDS TRANSFERRED DIRECTLY TO THE CARD
The platform's service in Turkey is not limited to crypto purchases. Through MoonPay's "Sell-to-Card" feature, users can transfer the fiat currency obtained from selling their crypto assets directly to their Visa or Mastercard cards. Turkey is explicitly listed among the countries where the platform offers this two-way card-based payment service.
CMB REGULATION MANDATES BANK ACCOUNTS
According to paragraph 3 of Article 51 of the CMB's Communiqué No. III-35/B.2 dated March 13, 2025, money transfers on crypto asset platforms must be made only through bank accounts belonging to the customers themselves. While accepting money other than electronic transfers made through banks is not permitted, MoonPay's direct collection and payment via credit cards constitutes a structure contrary to the legislation.
SIGNS OF ACTIVE OPERATION TARGETING TURKEY ARE CLEAR
MoonPay's steps targeting the Turkish market are not limited to a single page. The platform's prominent operational indicators include: having a Turkish website with the /tr extension, offering Turkish Lira (TRY) support for transactions, listing Turkey among countries where card payments can be made, building a trust environment with Turkish user reviews, and conducting active marketing with Turkish-language redirects on search engines.
MOONPAY IS NOT ON THE CMB LIST
Despite all this active marketing and operational activity, MoonPay is not listed on the CMB's "List of Active Entities" or on temporary lists. Payment or money transfer licenses the company holds abroad do not provide valid authority to offer crypto asset services domestically under Turkish legislation.
EXPERT ASSESSMENT: INDICATORS OF VIOLATION TOGETHER
Regulatory experts emphasize that, within the scope of Article 99/A of the Capital Markets Law No. 6362, the use of a Turkish website and support for Turkish Lira are clear indicators of activity targeting residents of Turkey. MoonPay's offered card-based model and marketing language are considered factors that strengthen the finding of a regulatory violation.
ACCESS BLOCK AND PRISON SENTENCE ON THE AGENDA
If the activities are classified as "unauthorized crypto asset service provision," an access block to the platform and a cessation of activities are envisaged.
Additionally, pursuant to Article 109/A of the Law, there is a risk of imprisonment from 3 to 5 years and judicial fines ranging from 5,000 to 10,000 days for individuals responsible for providing unauthorized services.