Number of Exchanges Receiving Operating Approval Increases to 76

The Capital Markets Board (CMB) updated the list in the activity approval process for crypto asset service providers, increasing the number of approved exchanges to 76. The list, first published on August 5, was updated today (August 16).

The CMB announced the establishment conditions it determined for crypto asset service providers and gave a period of time for exchanges that met these conditions to continue their activities. The application deadline was determined as November 8, 2024, and it was announced that the activities of exchanges that could not resolve the deficiencies in their applications by this date would be suspended.

According to the legislation, in order for crypto exchanges to apply, they must have a joint-stock partnership structure, issue all of their shares in cash, be established with a capital of at least 50 million TL, their founders must not have gone bankrupt, and the board of directors must consist of at least three members.

In this context, the first list of exchanges whose applications were completed and liquidated was announced on August 5, and the CMB announced that the list would be updated with those whose application process is ongoing.

Globally Prominent Exchanges Receive Approval in Turkey

Globally prominent exchanges such as BingX, Coinbase, Crypto.com have received approval from the CMB to operate in Turkey. While these exchanges previously provided services in Turkey with both global and local teams, they will continue their activities through their local structures in the new period.

İşbank Also Added to the List

Garanti BBVA Crypto and QNB Digital Assets, two of the leading stakeholders in the banking sector, were included in the first list published by the CMB regarding the operating permits of crypto asset service providers. In the updated list, İş Bankası A.Ş. was included in the list within the scope of the custody application.

While the activity details of crypto asset service providers were not specified in the list published on August 5, İş Bankası AŞ, Misyon Yatırım Bankası AŞ and Paribu Dijital Varlıklar Koruma Teknolojileri AŞ companies were added to the list by specifying the Custody Application detail in the list published today.

During this process, the list is expected to be updated and new bank applications are expected to be added by the deadline.

Liquidation Number Increases to 8

In the updated list published by the CMB, the number of crypto asset service providers that have declared liquidation has increased to 8. The CMB published this list with the statement, “It was created in accordance with the Temporary Article 11 of the Capital Markets Law No. 6362, for the purpose of informing the public about the institutions that will not continue their crypto asset service providing activities.”

CoinTR Acquires Bitget Turkey

Bitget Türkiye, one of the crypto asset service providers that declared liquidation, was acquired by Coin TR.

Coin TR, in its statement to CoinDesk Turkey, said, “As CoinTR, we have completed the necessary applications to the Capital Markets Board (CMB) to operate as a crypto asset service provider, and we have been included in the “List of Those in Operation” with the announcement on the CMB’s website. We would like to state again that as CoinTR, we closely follow the legislative developments and continue to claim to be one of the first institutions to receive a crypto asset service provider license in our country by meticulously taking steps to comply with secondary regulations in the coming period. With this acquisition, which we have made while the crypto ecosystem in our country is being reshaped, all of Bitget Turkey’s existing shares have been purchased by METX Digital Information Technology Inc., known under the brand name CoinTR.”