Turkish Bank Halts Crypto Services Following New Regulatory Law

In July 2024, Turkey implemented the "Law on Amendments to the Capital Markets Law," commonly referred to as the "cryptocurrency law," marking a significant step in the country's efforts to regulate the digital asset sector.

This law grants the Capital Markets Board (CMB) the authority to oversee cryptocurrency service providers. In response, the CMB published a temporary list in early August detailing institutions that would cease operations and those that would continue in the crypto space.

Among the institutions listed was QNB, a prominent Turkish bank, which had announced plans to operate its crypto services under the brand “QNB Digital Assets.”

However, as of November 7, 2024, QNB Digital Assets officially ceased its cryptocurrency activities. While the company did not provide specific reasons for the decision, it issued a statement confirming the termination of services.

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The statement clarified that no new customers would be accepted starting from the specified date. It also mentioned that all accounts on the platform would be closed by December 9, 2024. For any inquiries during this transition, users were advised to contact the company via email.

Additionally, QNB Digital Assets assured that personal data associated with customer accounts would be retained for 10 years in compliance with legal requirements.

Alexander Stefanov