In line with the request of the CMB, access was blocked to two crypto asset platforms, MEXC and BitMart, which did not submit a timely and valid application to the license process and still continued their activities.

This decision stands out as a step taken within the scope of regulations for crypto asset service providers in Turkey. With the recent changes in the capital markets legislation, licensing requirements were introduced for crypto asset service providers.

In this process, platforms were required to duly submit their preliminary applications to the CMB by November 8, 2024 and be included in the Temporary Operators List. However, MEXC and BitMart continued to operate even though they did not complete this process.

Within the scope of the new regulations, platforms that did not obtain a license were prohibited from opening a business in Turkey, providing services through a Turkish website, or carrying out promotional and marketing activities with persons or institutions resident in Turkey.

If unlicensed activities continue, access restrictions and other sanctions may be imposed in accordance with Article 99 of the Capital Markets Law.

According to the data obtained by the CMB through the Access Providers Association, MEXC and BitMart acted against the legislation by continuing their activities despite not applying for a license. Upon detection of this situation, it was decided to block access to the two relevant platforms.

It is stated that other sanctions other than blocking access to the platforms in question may also be implemented. It is expected that administrative fine decisions will also be included in CMB’s bulletin today. Such penalties may also serve as a warning for other platforms that do not comply with the legislation.

Regulations on crypto asset service providers in Turkey have been tightened to protect investors and increase market security. The licensing process is seen as an important step to ensure that platforms meet certain security and compliance standards.

However, such regulations may result in the withdrawal from the Turkish market of platforms that cannot or do not want to obtain a license.

The MEXC and BitMart example sets an important precedent for platforms that are not involved in the licensing process. It is stated that the impact of the developments and other decisions to be included in the bulletin will be clarified in the coming hours.