CMB Restricts 10 Crypto Firms, 45 Apply for Liquidation

The Capital Markets Board (CMB) has released updated lists detailing the status of cryptocurrency platforms operating in the Turkish market, following the June 30 deadline for license applications. This update comes as more companies have been added to the liquidation list, bringing the total number of companies applying for liquidation to 45. Notable among these are Bitfinex, Coinbase Turkey, QNB, and Bitget Türkiye, which have decided to cease their cryptocurrency operations.

Consequently, the number of active companies on the list has decreased to 60. The latest update also includes Türkiye's leading banking institutions—Akbank, Garanti Bank, İş Bank, and Yapı Kredi—who have applied for a cryptocurrency custody license. This move underscores the growing interest and involvement of traditional financial institutions in the cryptocurrency sector.

In a significant regulatory development, the CMB announced restrictions on 10 cryptocurrency service providers whose license application process was ongoing. These companies—Arbitex, GMS Global, Gümüş Global, Kriptrade, MEXC, Necen, Ovro, Rootech, Web3, and Yuex—have been instructed not to accept new clients until further notice. They are only permitted to process transactions for their existing clients. This decision was made during a board meeting held on July 17, 2025, highlighting the CMB's stringent approach to regulating the cryptocurrency market.

The CMB's actions reflect a broader trend of increased scrutiny and regulation in the cryptocurrency industry. By imposing restrictions on these 10 service providers, the CMB aims to ensure that only compliant and licensed entities continue to operate in the market. This move is likely to enhance consumer protection and maintain the integrity of the financial system. The decision also sends a clear message to other cryptocurrency service providers about the importance of adhering to regulatory requirements.

Overall, the CMB's latest updates and restrictions underscore the evolving landscape of the cryptocurrency market in Türkiye. As more companies apply for liquidation and traditional financial institutions enter the sector, the regulatory environment is becoming more defined. The CMB's actions are expected to foster a more stable and secure cryptocurrency ecosystem, benefiting both investors and the broader financial community.