Turkey has crossed a critical threshold in its fight against illegal betting and crypto-based money laundering. Stablecoin issuer Tether confirmed it acted on a formal request from Turkish authorities, freezing approximately $544 million in suspicious digital assets.

The funds are believed to be linked to online betting platforms operating outside the law.

In late January, the Istanbul Chief Public Prosecutor’s Office announced the seizure of crypto assets connected to illegal gambling and laundering activities. Bloomberg reported that Tether’s technical cooperation played a decisive role in the operation. As the investigation expands, total seized assets across Turkey have now surpassed the $1 billion mark.

Thousands of Wallets Now Blocklisted

Blockchain analytics firm Elliptic says stablecoin issuers — led by Tether and Circle — had blocklisted around 5,700 wallets holding nearly $2.5 billion by the end of 2025. Roughly three-quarters of those addresses contained USDT at the time they were frozen.

Tether told Bloomberg it has assisted law enforcement in more than 1,800 investigations across 62 countries, resulting in $3.4 billion in USDT being locked due to suspected criminal activity.

The numbers are striking. But scrutiny hasn’t faded.

USDT Remains Under Regulatory Pressure

Despite growing cooperation with authorities, USDt continues to draw attention from regulators.

Last month, US prosecutors charged a Venezuelan national with laundering nearly $1 billion — largely through USDT. Around the same time, blockchain researchers linked large USDt transfers to sanctions-evasion patterns.

Bitrace’s latest report paints an even broader picture: in 2024 alone, roughly $649 billion in stablecoin volume flowed through high-risk blockchain addresses. More than 70% of that activity involved Tron-based USDT.

Quiet traffic. Massive scale.

Tether’s Market Cap Pushes Past $187 Billion

Controversy hasn’t slowed Tether’s growth.

According to Cointelegraph, USDt reached a record $187.3 billion market capitalization in Q4 2025, adding $12.4 billion despite a wider crypto downturn triggered by October’s liquidation cascade. Rival stablecoins struggled — Circle’s USDC stayed flat, while Ethena’s USDe lost roughly 57% of its value.

Usage metrics also surged. Monthly active USDT wallets climbed to 24.8 million, representing about 70% of all stablecoin-holding addresses. Quarterly transfer volume hit $4.4 trillion across 2.2 billion transactions, setting fresh on-chain records.

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Will Volatility Decrease?

Berfu Güven asked whether market volatility would decrease over time and whether this was inevitable. Rachel Conlan stated that bull markets naturally go through cycles and that, like other financial markets, crypto experiences ups and downs. She emphasized that as the industry grows, innovation becomes inevitable. She also predicted that 2025 would be a transformational year for crypto, making the market more stable.

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“The total market capitalization of crypto is currently at $3.2 trillion.”

How Many Cryptocurrencies Exist Worldwide?

Conlan revealed that globally, there are approximately 10,800 cryptocurrencies, while Binance currently lists 361 digital assets. She stressed that each asset listed on Binance undergoes detailed scrutiny to ensure investor security.

Berfu Güven then asked about Binance‘s future listing strategy. Conlan responded:

“Rather than aiming for a specific number, we focus on listing assets that provide the most value to our community. We prioritize core assets like Bitcoin and Ethereum, while also closely examining assets that cause major price fluctuations. Currently, there are 620 million crypto holders worldwide, and the industry continues to grow.”

How Will 2025 Transform the Crypto Market?

Asked why 2025 would be a “transformational” year for crypto, Conlan highlighted increasing regulatory clarity and the approval of ETFs, which would boost market confidence.

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“2024 was a defining year for the crypto industry. Regulatory frameworks evolved, and clarity improved for companies operating in the U.S. With the approval of ETFs at the beginning of 2025, trust in the market will increase further, allowing for greater innovation.”

Turkey: A Major Player in the Crypto Market!

Discussing Binance’s presence in Turkey, Conlan stated that Turkey is the third-largest crypto market globally, with a 19.3% share.

“Turkey is an open and dynamic market. Research conducted with Binance TR indicates that over 20,000 new investors joined the platform in the past year. We project that this number will grow by 47% over the next four years, placing Turkey ahead of many European markets!”

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Turkey’s Crypto License Application List Expands

On August 9, the CMB (SPK as in Turkish) announced that 47 crypto companies had applied for licenses under the new regulatory frameworks. However, this list has now grown to 76 with the addition of major players like Coinbase, KuCoin, and Gate.io.

Previously, well-known companies like Binance, Bitfinex, and OKX were already in the application process. The participation of these major players underscores Turkey’s rising status as a central hub for crypto activities.

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Despite this, the CMB has clarified that being included on the “Active List” does not mean official approval. Each company is required to receive official approval from the agency once secondary legislation comes into force.

The list will be updated as companies address regulatory deficiencies or the CMB completes its investigations.

Regulatory Environment in Turkey

Turkey’s regulatory environment for cryptocurrencies is still evolving. While comprehensive crypto legislation has yet to be established, existing regulations are guiding market activity.

Turkish Treasury and Finance Minister Mehmet Şimşek said in January that local crypto legislation was nearing completion, but the anticipated draft has yet to be submitted to parliament.

This regulatory uncertainty has not stopped firms from applying for licenses, reflecting the sector’s optimism and Turkey’s strategic importance in the global crypto market.

The wave of applications comes after the “Law on Amendments to the Capital Markets Law” came into effect on July 2. The law aims to create a regulatory framework for crypto asset service providers in Turkey.

According to Chainalysis, Turkey is the world’s fourth-largest crypto market with an estimated trading volume of $170 billion. This volume puts Turkey ahead of major markets such as Russia, Canada, Vietnam, Thailand, and Germany.

The increase in license applications demonstrates Turkey’s rising importance in the crypto sector and its determination to create a regulated, secure crypto market.

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This regulation aims to reduce the risks of parties transacting with crypto assets in Turkey. The bill envisages the licensing and supervision of crypto asset trading platforms by the CMB, within a framework similar to international practices. The proposal will also include details such as the storage of cash and crypto assets held on behalf of customers on the platforms, the relations between the platforms and customers, and the sanctions and penalties to be applied. The operating principles of the platforms will be determined by secondary regulations.

The bill also envisages authorizing the CMB and requiring permission for people who develop blockchain and similar technologies to sell or distribute crypto assets. In addition, it is aimed to have the Scientific and Technological Research Council of Turkey (TÜBİTAK) take a role in this process and to encourage the development of software architecture and technological tools on blockchain creation.

This regulation also aims to eliminate the criticisms brought within the scope of the Financial Action Task Force’s (FATF) technical standard No. 15 and to remove Turkey from the “partially compliant” category.

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AK Party Deputy Chairman Ömer İleri stated that they continue to work to become one of the leading countries in crypto regulations. İleri stated that they want to take a concrete step in crypto regulations with the bill to be submitted to the parliament after the local elections on March 31. İleri stated that crypto assets are important in Turkey and that the country is working on legal regulations to move forward in this field.

Emphasizing that 10 million people currently have crypto asset accounts in Turkey, İleri emphasized the necessity of regulation in this field and said, “It is expressed by everyone that there is a need for regulation. We are also working in this direction. Work continues in our parliamentary group.”

Stating that the main purpose of the regulation is to bring a legal framework to this field, İleri said, “Our aim is to pave the way for Turkey and protect our citizens. We are trying to provide a delicate balance.”

AK Party Deputy Chairman İleri said that they have been closely following blockchain technologies for a long time and that they are working to make Turkey one of the leading countries in this field.

Stating that the regulation will make basic definitions about the crypto area and create a basic framework, İleri said, “We are creating a flexible infrastructure. The details will be implemented with secondary regulations when necessary in the following processes.”

Stating that they received the opinions of the stakeholders in the sector and a good regulation emerged, İleri said, “We listened to the processes that the sector thought were not understood in the past and reflected their demands in the proposal.”

Making statements about ensuring the security of crypto asset owners, İleri said, “Our main problem is to provide a balance between protecting the investor and paving the way for the sector within the framework of fairness. We are working to solve this dilemma.”

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Economist Associate Professor Cüneyt Dirican says:
“Especially the trend of a decrease in foreign exchange rates and cryptocurrencies are on the agenda. It was said that the regulation about crypto assets will be in the parliament very soon, which, as we all know, is of great interest and expectation from our people.”

Experts predict that Turkey will progress in accordance with its goal of fully complying with the FATF (Grey List) standards and the aim of removing the country from the FATF by regulating crypto assets.

What Will the Tax Be Like for Turkey in Light of Rumors?
According to the information obtained, it is planned to collect taxes from amounts over a certain limit in the new cryptocurrency regulation.

The regulation prepared in coordination with the Ministry of Labor and the Ministry of Treasury and Finance aims to prevent laundering money. Accordingly, audits will increase and capital requirements will be sought in companies in the sector.

It is also expected to have protective steps such as giving time to the companies in the system for infrastructure studies and showing warrants.

On the other hand, it is stated that the Financial Crimes Investigation Board (MASAK) will be authorized in suspicious money transactions.

The other conditions to be brought are:

-Principles that buyers and sellers must abide by
-Under what conditions the asset storage service will be performed by whom
-Crypto asset companies to operate under the supervision of the Capital Markets Board (SPK)
-Introduction of minimum capital requirement

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What is the Purpose of the Tax Law?
The primary aim of the law will be to make a definition for crypto assets. As a result, Turkey will accept that crypto is an asset. It will prevent the use of crypto assets for money laundering.

How Will We Access Exchanges like Binance, OKX, Kucoin?
According to rumors, access to foreign exchanges will be restricted in the new regulation. The local branches of the exchanges will continue to operate. For example, every exchange will now have to offer us “.tr” extension web pages and applications like Binance.TR.

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