Turkey moves to cover crypto service providers under its money laundering regulations


Turkey added “crypto asset service providers” to companies affected under anti-money laundering and terrorism funding law, according to a presidential decree published in Turkey’s Official Gazette on May 1. 

Turkey’s decision to regulate crypto exchanges took effect immediately, spurred by the Central Bank of the Republic of Turkey’s belief that digital assets pose “significant risks."

The move comes three weeks after Turkey barred cryptocurrency as a legitimate payment option and one week after two Turkish crypto exchanges — Thodex and Vebitcoin — collapsed

Authorities still appear to be searching for Thodex CEO Faruk Fatih Ozer, who allegedly fled with $2 billion in investor’s money after the exchange faltered. As of April 30, 83 people affiliated with Thodex have been arrested, including Ozer’s brother, sister, and other senior company employees, according to Reuters.

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Oct 15, 2021, 2:54AM UTC