The Capital Markets Board (SPK) has decided to block access to more than 30 platforms, including popular crypto platforms. Of these platforms, MEXC and Bitmex were blocked because they did not comply with Turkey’s local regulations.
Although users can access these platforms via mobile apps and VPNs, the CMB may expand the restrictions even further. The CMB has previously decided to block access to platforms that do not comply with the requirements it has set for cryptocurrency exchanges. This decision is noteworthy as part of the regulations foreseen for cryptocurrency exchanges in Turkey. Global exchanges such as Binance have evaded these restrictions by establishing local companies for the Turkish market.
In the daily press bulletin of the CMB, a list of platforms that provide unauthorized crypto asset services via the internet and leveraged transactions abroad was published. It was stated that a decision was made to block access to these platforms in accordance with the relevant articles of the Capital Markets Law. The list also includes Bitmex and Justin Sun's HTX exchange. Users who have assets on these platforms can access their balances using VPN or mobile applications. However, if the scope of the ban expands, such access routes may also be restricted.
Cryptocurrency regulations are becoming increasingly stricter in many countries, including Turkey. This situation creates challenges for cryptocurrency exchanges, but exchanges that have been operating in a gray area for a long time have begun to take steps to comply. Many exchanges are trying to comply with local regulations by strengthening their legal and compliance departments. While the CMB’s latest move is generally seen as affecting lesser-known platforms, major exchanges have also started operating by establishing local companies. In the coming period, it is expected that cryptocurrency exchanges will be audited more thoroughly.