SHOCK REJECTION FROM CMB TO 32 CRYPTO EXCHANGES IN TURKEY: CESSATION OF OPERATION DUE TO LACK OF DOCUMENTS‼️
The Capital Markets Board (CMB) made an important decision regarding crypto asset service providers with its statement made on August 23, 2024. The Board announced that 32 crypto exchanges have stopped their activities on the grounds that they submitted incomplete or insufficient documents requested during the application process. This decision was taken in line with the amendments and added articles to the Capital Markets Law No. 7518.
This decision of the CMB emphasizes once again that crypto asset service providers operating or planning to operate in Turkey must fully comply with the relevant regulations. According to the law, crypto exchanges must meet certain conditions in order to obtain establishment and operation permits. However, these 32 platforms were rejected because they could not complete the necessary documents.
According to the CMB's announcement, the relevant exchanges will have to terminate their activities. They will also have to stop transactions such as new customer registration and cash transfers. Platforms that do not comply with this decision will be subject to sanctions by the CMB. This situation is also a warning to other exchanges operating in the sector and once again reveals the importance of legal compliance.
🔥🔥🔥 This decision by the CMB clearly shows that exchanges that want to operate in the crypto asset sector in Turkey must fully comply with the laws and regulations. Non-compliance can lead to serious consequences, including the termination of activities in this area‼️
