13.03.2026 18:13
Global cryptocurrency exchanges targeting Turkish investors are bypassing the Capital Markets Board's access restriction decisions in app stores. Experts indicate that access restrictions could extend to app stores. Here are the details…
The Capital Markets Board (CMB) imposed access restrictions on over 50 cryptocurrency platforms, including KCEX, with its decision dated December 12, 2024. The reason for the restriction was cited as the platforms' failure to provide Turkish language support and their continued service to users from Turkey despite not being on the CMB's list of "active participants."
However, KCEX, which has been blocked from accessing its website, can still be downloaded from the App Store and Google Play. The platform clearly offers Turkish language support in its application and continues to provide leveraged trading services to Turkish users. Despite leveraged trading being strictly prohibited by the CMB in Turkey, it appears that some global cryptocurrency exchanges continue to offer this service to Turkish users.
INFLUENCERS HIGHLIGHT TURKISH LANGUAGE SUPPORT
Despite KCEX being blocked by the CMB, some cryptocurrency influencers continue to promote the platform on social media. In their posts, influencers particularly emphasize KCEX's provision of Turkish language support and direct their followers to the platform. Experts highlight that influencers involved in such promotions could be considered as engaging in unauthorized capital market activities and may face legal liability. According to regulations, individuals operating in the capital market without authorization can face imprisonment from two to five years and judicial fines ranging from five thousand to ten thousand days.
THE NEXT STEP COULD BE APPLICATION STORES
According to experts, following website restrictions, a similar ban on application stores may come into play. Examples from South Korea and Japan show that regulatory authorities can act in coordination with Apple and Google, and that it is technically possible to remove applications from stores. South Korea's top financial regulatory authority removed 14 cryptocurrency exchange applications from the Apple App Store and 17 from Google Play as part of an operation targeting unregistered foreign cryptocurrency exchanges. Under the measures taken in South Korea, authorities have prohibited unregistered foreign platforms from providing Korean language support, marketing to Korean users, and conducting transactions in Korean won. The regulations currently in force in Turkey largely overlap with the South Korean examples. Similar steps have also been taken in Japan, where access to global exchanges like Bybit and Bitfinex has been blocked from the Apple App Store and Google Play.