Turkey Enforces Stricter Regulations for Crypto Exchanges and Wallet Providers

The new rules, announced on March 13, impose stricter compliance requirements, transparency measures, and operational restrictions on crypto businesses operating in the country.

Under the updated regulations, crypto service providers must adhere to detailed reporting standards, including issuing numbered transaction forms that specify the type, quantity, and price of crypto assets, along with any associated commissions and expenses. Additionally, platforms must send customers monthly account statements detailing all transactions, including purchases, sales, and transfers.

The new framework also restricts how customer orders can be processed to enhance security and compliance. Transactions must be conducted exclusively through a platform’s official website or mobile app, and orders placed via social media channels such as X or Telegram are strictly prohibited.

Beyond operational requirements, the regulations also introduce bans on specific activities. Crypto asset service providers are now forbidden from collecting deposits, engaging in commercial real estate transactions, or making misleading claims about potential investment returns.

The enforcement of these rules follows the passage of a comprehensive cryptocurrency bill designed to strengthen compliance and accountability within Turkey’s digital asset sector. The legislation, backed by ruling party chairman Abdullah Güler, introduces severe penalties for non-compliance, including fines of up to $182,600 and potential prison sentences for unauthorized crypto exchanges.

The legislation also mandates crypto providers to implement and report various measures, including seizures and other legal enforcement actions, and ensure customer fund transfers are accessible and traceable by legal authorities. 

In response to the regulatory shift, international crypto firms have rushed to secure legal approval to continue operating in Turkey. So far, 47 exchanges have applied for official licensing to comply with the country’s new framework, including Binance, Bitfinex, and OKX. The regulator noted that the inclusion does not mean the firms are authorized to offer their services.

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