CoinTR Acquires Bitget Turkey

While the CMB’s work on crypto asset service providers continues, it was jointly announced by the two companies that CoinTR acquired Bitget Turkey on August 16, 2024.

With this acquisition, CoinTR, which has been operating since 2022, was stated in the list published by the CMB that it will continue its activities and Bitget Turkey’s activities will be stopped. In the statement made by Bitget Turkey with this development, it was stated that “Our users who wish will be able to continue to use the services offered by Bitget TR with the same standards and security level with their accounts they will have with CoinTR. Our customers who wish will be able to withdraw their Turkish Lira and crypto assets with us to their accounts and wallets in other institutions without any problems.”

“It is very important for our leadership goal in Turkey”

CoinTR General Manager Ali Eşelioğlu, who evaluated the acquisition agreement, said, “The collaboration is a very important step taken in parallel with CoinTR’s strategic growth goals. The acquisition excited us and had a wide impact on the ecosystem in Turkey. I evaluate this critical acquisition, which coincides with the licensing process, positively for the CoinTR brand.”

Emphasizing their leadership goals in the Turkish crypto ecosystem with this development, Eşelioğlu said, “While the sector is taking shape in Turkey, the acquisition of an ambitious exchange with its number of users by CoinTR is very important for our leadership goal in Turkey.”

“Bitget will continue to be used from Turkey”

Bitget Global COO Vugar Usi Zade emphasized that Bitget and Bitget Turkey operations are separate from each other regarding this acquisition agreement; “Since Bitget TR and Bitget.com are separate organizations, there is no connection between them and therefore there will be no change in Bitget’s global services.”

Usi Zade stated that Bitget Global is still available in Turkey, and added, “We will continue our operations in the markets we focus on and continue our legal compliance work. Turkey is one of our main markets and we continue to develop our plans to offer more localized services.”

“CoinTR System, Order Board, Interface Will Be Used”

One of the most curious topics for users is the details of new investors coming to the CoinTR application from the Bitget TR application and the future experience.

Regarding this issue, Eşelioğlu underlined a structure centered on CoinTR and said, “CoinTR company has purchased Bitget TR and all customers are invited to use the CoinTR system, board and interface.”

“Bitget TR’s current staff will work under the CoinTR roof”

Eşelioğlu, regarding the future of the employees who previously carried out Bitget TR’s activities in Turkey under Bitget Global, said, “As you know, we are a young stock exchange and technology infrastructure company celebrating our 2nd anniversary in November 2023. This step taken in line with our growth goals can be considered as a part of CoinTR’s aggressive growth from now on. At this point, I would like to state that Bitget TR’s current staff will continue to work under the CoinTR roof and management. We continue to invest in human resources in line with our goals.”

Stating that having trained and experienced staff is an advantage, Eşelioğlu said, “Growing our trained and experienced staff is at the top of our list of goals.”

“We find the transparency and routine disclosure process of the CMB valuable”

The studies conducted by the CMB regarding crypto asset service providers are at the center of the crypto ecosystem on a global scale. The published lists draw attention to the applications of globally widespread exchanges to operate in Turkey.

Sharing his views on this request, Usi Zade said, “We are closely following crypto regulations in Turkey and are carefully monitoring how regulatory frameworks are evolving. This is a very important step towards establishing a transparent and secure crypto ecosystem in the region. Bitget has already started exploring licensing opportunities to continue its operations in the Eurasian markets. Obtaining the necessary licenses and regulatory approvals, establishing regional offices and supporting growth is our top priority.”

Eşelioğlu, who stated that competition will increase in the Turkish crypto ecosystem in the coming period regarding the developments, said, “In this way, both investors and sector players can follow the developments closely. Our expectation at this point is that the first phase will pass as soon as possible, but the process will take a little longer because there are too many applications. The fact that global stock exchanges apply for a license in Turkey is an indication that competition will increase in the coming period. Those who develop products and invest in their users will benefit from this. This shows that the sector will become even more professional.”