26.03.2026 15:30
The Capital Markets Board (CMB) has closed access to the global cryptocurrency exchange CoinEx in December 2024. Following the blocking of the coinex.com address, it continues its operations uninterrupted through a new domain. It has been determined that the exchange offers Turkish language support to Turkish users via the coinex.network address, publishes advertisements on cryptocurrency news sites, and allows account creation without KYC requirements. Here are the details…
The SPK imposed access restrictions on more than 50 cryptocurrency platforms, including Huobi, Bitmart, and CoinEx, on December 12, 2024. The main reason for the access restriction was cited as the failure to remove Turkish language support and the continued provision of services to Turkish users without being listed among licensed organizations by the SPK. CoinEx responded to this restriction by opening a new domain. The interface offered through the address coinex.network largely overlaps with the blocked original site in terms of appearance and content.
Experts emphasize that this method is not new in the industry. They remind that the tactic of changing domains or presenting the language option as if it were offered for the Turkish Republic of Northern Cyprus (TRNC) to maintain Turkish language support has been tried by different platforms before, but these faced access restrictions. Experts indicate that the SPK could act in a way that encompasses activities conducted through the new domain and that the BTK can directly block access to the relevant address.
TURKISH SUPPORT UNDER THE GUISE OF TRNC CoinEx positions the Turkish language option on the coinex.network address as if it were offered for the Turkish Republic of Northern Cyprus (TRNC). In the language preference section of the interface, the phrase "Turkish (TRNC)" appears next to Turkish. However, users accessing the platform with this language option are presented with a fully Turkish interface for spot, futures, and leveraged trading products. Services are effectively offered to Turkish users. Experts point out that the method of providing Turkish language support under the pretext of the TRNC does not constitute a valid exception under SPK regulations. They state that this method has been tried by various platforms before, which were blocked without their validity being accepted, and that CoinEx is likely to face a similar outcome with this tactic.
ADVERTISING ON CRYPTO NEWS SITES DESPITE ACCESS RESTRICTIONS The activities conducted by CoinEx through the coinex.network address are not limited to the website. It appears that the exchange is actively advertising on Turkish cryptocurrency news sites and trying to acquire new users through this means. The examined advertisement banners promise a special reward of 600 USDT for new users, while separate reward packages are offered for spot, futures, and leveraged transactions. Another highlighted aspect of the advertisement is the ability to open an account without KYC requirements.
Experts emphasize that allowing account openings without KYC requirements directly violates not only Turkish legislation but also international anti-money laundering standards. FATF (Financial Action Task Force) rules require cryptocurrency service providers to verify user identities and maintain transaction records. Additionally, under the regulation referred to as the "Travel Rule" by FATF, information about the sender and receiver must be transmitted for transfers above a certain threshold. Experts indicate that it is technically impossible for a platform accepting users without KYC to fulfill these obligations, highlighting that this practice exposes the platform to serious sanction risks internationally.