15.10.2026 16:02
The methods by which companies on the Capital Markets Board’s (SPK) list of crypto asset service providers in liquidation processes inform their users vary. While Bithero and ICRYPEX have shared their schedules regarding their liquidation processes with the public, it is noteworthy that there is no announcement regarding liquidation on the websites of Rain and Bitay, which are on the same list.
The “List of Those in Liquidation Process” published by the Capital Markets Board (SPK) under Temporary Article 11 of the Capital Markets Law No. 6362 includes 56 companies. The list, which covers organizations that will not continue crypto asset service provider activities, includes the Turkish legal entities of companies such as Coinbase Turkey, Bitfinex, BingX TR, QNB Digital Assets, and Rain, as well as numerous domestic platforms.
However, when the websites of the companies on the list are examined, it is seen that there are different practices regarding announcing liquidation processes to users. While some platforms clearly share the dates on which transactions will be halted and assets can be withdrawn, some websites contain no information at all regarding the liquidation process.
Bithero and ICRYPEX Announce Their Liquidation Calendars
Bithero, which is on the SPK’s liquidation list, announced in May 2026 that it would gradually end its activities. According to information reflected in the press, the platform stopped Turkish lira and crypto asset deposit transactions on May 15, 2026. Buy-sell transactions ended on May 17, and open orders were also canceled. The deadline for users to withdraw their crypto assets and Turkish lira balances was set as June 1, 2026.
ICRYPEX, another platform on the list, published a detailed calendar regarding the liquidation process. According to the statement titled “Announcement Regarding Withdrawal Transactions of Customer Assets 2” on the company’s website, the first phase of liquidation work was completed as of September 29, 2026. ICRYPEX stated that users’ withdrawal requests would be processed after account, balance, and operational checks. The company set September 30–October 15 for updating KYC information, and October 19–November 2 for receiving second-phase withdrawal requests. The platform also asked its users to follow official announcements and the announced dates.
Rain Is on the Liquidation List, but Its Website’s Main Focus Is Different
On the website of Rain, which appears in 47th place on the list published by the SPK under the title “Rain Crypto Asset Trading Platform Inc. in Liquidation,” a different picture emerges. On the website of Rain, which operates internationally, at rain.com, the Turkish language option continues to be actively used. As of October 15, 2026, the Turkish homepage of the site features the slogan “The region’s most trusted crypto exchange” and the statement “We have been operating in the region since 2017.” The information that the platform serves more than 2 million customers and that its total transaction volume exceeds 12 billion dollars is also shared with visitors.
On the other hand, no warning or information that Rain’s company in Turkey is on the SPK’s liquidation list appears on the homepage. The fact that Rain’s global operations and the legal status of its Turkish legal entity are different increases the importance of such disclosure.
“Sign Up Now” Call on Bitay’s Website
A similar situation is seen on the website of Bitay, which appears in 6th place on the SPK’s liquidation list under the title “Bitay Technology Industry Trade Inc.” On the platform’s homepage, visitors are greeted with the heading “More than 300 cryptos on Bitay” and the call “Sign up now.” The site also promotes a 0 percent commission campaign for USDT transactions, while the Launchpad and Academy sections are highlighted. Users are informed that they can buy and sell crypto assets with Turkish lira and USDT. However, there is no statement or announcement informing users on the homepage that Bitay is on the SPK’s list of companies in liquidation. This results in users visiting the platform’s website not being able to directly learn the company’s current regulatory status.
Informing Users on Platforms in Liquidation Process Is Important
Temporary Article 11 of the Capital Markets Law No. 6362 provides that organizations that will not continue crypto asset service provider activities shall terminate their activities within the framework of the relevant provisions. During this process, the status of users’ existing assets, how withdrawal transactions will be carried out, and the deadlines set for transactions are important. While the temporary lists published by the SPK provide publicly available information regarding companies’ regulatory statuses, the mere accessibility of a platform’s website does not mean that it is authorized to operate in Turkey.