26.02.2025 13:53
The list of cryptocurrency service providers in Turkey has been updated. With the new list, the number of companies operating has reached 88, while the number of companies that have applied for liquidation has reached 17.
The cryptocurrency ecosystem in Turkey continues to grow and diversify rapidly. While the number of companies applying to become cryptocurrency service providers has reached 88 according to the latest lists from the Capital Markets Board (CMB), the number of organizations entering the liquidation process has been recorded as 17. The entry of traditional banking institutions into the sector with their "custody service" applications is considered an important turning point for the future of the digital asset space in Turkey.
Liquidations and New Participants Shape the Cryptocurrency Ecosystem in Turkey
The Capital Markets Board (CMB) has shared its updated lists regarding cryptocurrency service providers with the public. According to the renewed data, the number of companies applying to operate in the cryptocurrency field has reached 88, while the number of organizations that have decided to withdraw from the sector and enter the liquidation process has been recorded as 17. These figures indicate that Turkey's digital asset ecosystem continues to maintain its vitality.
Notable names on the list include local players such as Binance TR (BN Technology Inc.), CoinTR, BTCTurk Crypto (Eliptik Software), and Paribu, as well as global platforms like Bybit Turkey (Narkasa Software), OKX TR, MEXC, and KuCoin TR (Kuturk Information Technology). Additionally, one of the most striking developments in the sector has been the interest shown by traditional banking institutions in the cryptocurrency space. Banks such as Akbank, Garanti BBVA, İş Bankası, and Yapı Kredi have found their place on the lists with their "custody service" applications.
On the other hand, companies such as Coinbase Turkey, QNB Digital Assets, Finceptor, Birgate Technology, and WooTR (KRNS Information Technology) are included in the CMB's "List of Those Declaring Liquidation." Experts relate this situation to the increasing competition in the sector and the challenges faced in complying with regulatory requirements.
The CMB emphasized that the lists it publishes are for informational purposes only and do not imply authorization. These lists, created under the Temporary Article 11 of the Capital Markets Law No. 6362, reflect the companies' compliance processes with the legal framework.
The development of the cryptocurrency ecosystem in Turkey showcases the interest of both local initiatives and global players in the market. The ongoing consolidation process in the sector, particularly the steps taken by banking institutions in the digital asset space, is seen as developments that could accelerate the integration of cryptocurrencies into the financial system in the upcoming period.
The increase in the number of companies in the application process supports Turkey's potential to become a regional cryptocurrency hub, while the presence of organizations in the liquidation process indicates that a healthy "natural selection" mechanism is functioning in the sector. Companies that can meet regulatory criteria such as the security of customer assets, cybersecurity standards, and transparent reporting are expected to maintain their presence in the market in the long term.