Turkey Imposes 48-Hour Delay on Crypto Withdrawals to Curb Illicit Activities

Turkey has implemented stringent new regulations on cryptocurrency transactions, aiming to curb illicit financial activities and enhance transparency within the digital asset space. The Ministry of Treasury and Finance has mandated that crypto asset service providers must now collect and verify detailed information about user transactions. This includes obtaining a written explanation of at least 20 characters describing the purpose of each transfer, along with verifying the origin of funds involved. The government believes these measures will help identify suspicious activity earlier in the transaction process.

In a significant move, the new regulation imposes a delay on crypto asset withdrawals. Any crypto purchased, exchanged, or deposited will be subject to a 48-hour waiting period before it can be withdrawn. For new users making their first withdrawal, the waiting period will extend to a minimum of 72 hours. Authorities believe these delays will reduce the ability of criminal actors to quickly transfer illicit funds outside the system before they are detected or blocked.

Stablecoins are also under scrutiny in the new regulatory framework. The Ministry will impose a daily transfer cap of $3,000 and a monthly limit of $50,000 for these digital assets. These restrictions are designed to prevent the rapid movement of large sums of money that may be connected to illegal betting, fraud, or other criminal proceeds. However, platforms that fully comply with the travel rule, which requires collecting identifiable information about both sender and receiver, will be allowed to operate with limits twice as high.

While the regulations are strict, the Ministry emphasized that they do not aim to stifle legitimate activities within the crypto space. Treasury and Finance Minister Mehmet Şimşek stated that transactions linked to market making, liquidity provision, and arbitrage will be permitted without restriction. The Ministry issued a clear warning to platforms that fail to comply with the new rules, stating that sanctions may include administrative penalties, financial fines, or even the denial or cancellation of operational licenses.

The latest enforcement actions build on Turkey’s broader regulatory overhaul published on March 13, 2025, through amendments to Capital Markets Law No. 6362. These changes placed crypto platforms under the oversight of the Capital Markets Board (CMB). Two communiqués, III-35/B.1 and III-35/B.2 set out new rules for platform structure, capital requirements, internal audits, and customer protection. Platforms must be joint-stock companies with minimum capital and approved management. They are also required to conduct proof-of-reserve audits, partner with CMB-approved custodians, and maintain separate accounts for user funds.

Additional rules govern asset listings, conflict of interest policies, risk disclosures, and dispute resolution processes to enhance user safety and platform transparency. Prior to these regulations, Turkey introduced tighter crypto rules in February 2025 to strengthen anti-money laundering (AML) compliance and align with global standards. The regulations require crypto service providers to collect user identification for transactions over 15,000 lira (about $425). Modeled after the EU’s MiCA framework, the rules aim to curb money laundering and terror financing, as Turkey’s presence in global crypto markets continues to grow.

These new regulations represent a significant shift in Turkey’s approach to cryptocurrency oversight. By imposing stricter controls on transactions and mandating detailed verification processes, the government aims to enhance transparency and reduce the risk of illicit activities. However, these measures also raise concerns about the potential impact on the freedom and openness that initially attracted users to the crypto space. The balance between regulation and innovation will be crucial as Turkey continues to navigate the evolving landscape of digital assets.