Detention and Allegations Against the Ethereum Developer

Carrone stated that Turkey’s Minister of Internal Affairs accused him of “helping others misuse Ethereum.” He believes this is connected to a January 2022 research paper analyzing user privacy on Ethereum and Tornado Cash. “We never helped anyone engage in illegal activity; it was purely research on mixers and their properties,” he said.

Freedom Through Global Support

Carrone shared that early on, he thought things would go badly after being told his phone would be confiscated and he wouldn’t be able to speak to anyone. However, friends from the UAE, UK, US, Europe, Argentina, and even the Catholic Church stepped in, contacting senior Turkish officials to help secure his release. Members of the Solana ecosystem also offered assistance.

The older I get, the more I believe in the values of the West and religion. When I was younger, I was a naive hacker and anarchist who believed in cypherpunk ideals. I still do. But over time, I’ve come to see that many of the institutions and governments I once criticized are,… pic.twitter.com/CXYCKOXShg

— Fede’s intern (@fede_intern) August 11, 2025

Legal Process Still Ongoing

Carrone said he is currently in Europe but the case is still ongoing. His Turkish lawyer is working on his defense, and he noted, “If necessary, once things are clarified, I will return to clear my name.”

Ethereum Support for Storm’s Case

Following his experience, Carrone donated $500,000 worth of Ether to support the legal defense of Tornado Cash co-founder Roman Storm. “Roman’s defense is important because developers need to know they can push innovation forward and that the community will stand behind them,” he said.

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According to Meric Paldimoglu, founder of Turkey-based Paldimoglu Law Firm, “As a general rule, national laws only apply to actions within that country’s borders or involving its citizens directly.” This opens a gray area for cross-border crypto payments.

Paying in Crypto from Abroad?

In June 2025, Georgian travel agency Tripzy began accepting Tether (USDt) payments via CityPay. The feature was introduced to offer flexibility to travelers, especially those from countries with fiat or crypto restrictions like Russia and Turkey.

Tripzy noted that crypto provides “freedom and speed” in transactions. Legal experts confirm that no current Russian or Turkish laws prohibit residents from using crypto when shopping from foreign businesses.

Russia’s Digital Financial Assets Law only restricts the domestic use of crypto in contracts, while Turkey’s ban is limited to local payment and e-money institutions. Paldimoglu emphasized, “If a Turkish citizen makes a purchase from a foreign website, Turkish regulations do not apply.”

Regulatory Gaps Under Global Scrutiny

Although these legal loopholes don’t directly conflict with international laws, they could attract the attention of global watchdogs like the Financial Action Task Force (FATF).

Analysts warn that if countries like Georgia become crypto payment gateways for residents of restricted regions, this could result in international pressure. While a single company like Tripzy may not trigger sanctions, broader trends could escalate responses — not necessarily from Russia or Turkey, but from global compliance systems.

FATF Raises Red Flags on Stablecoins

FATF has recently highlighted the rising role of stablecoins in illicit finance, pointing to increased use by North Korean actors and terrorist groups. As of 2024, a majority of on-chain illicit transactions involve stablecoins.

The FATF plans to publish a dedicated report on stablecoins in early 2026, underlining its growing focus on anti-money laundering (AML) enforcement in the crypto space.

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Might interest you: Who Could Replace Gary Gensler as SEC Chairman?

Investors have developed positive expectations regarding the U.S.’s new economic policies and the potential effects of Trump’s continued presidency on global trade. The stocks of companies listed on Istanbul Stock Exchange have entered an upward trend as investors’ risk appetite increased. This rise accelerated due to the optimistic expectations for the Turkish economy.

The surge in Istanbul Stock Exchange has drawn attention as an important indicator of how markets respond to global developments.

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Gökhan Günaydın, CHP deputy group chairman, stated that the party has petitioned the Constitutional Court to suspend and ultimately annul the provisions of the law that they deem harmful to the public interest.

The CHP’s primary objections to the law include:

Structure and operations of cryptocurrency service providers: The party contends that the Capital Markets Board’s authority to regulate the structure and operations of these providers is excessive and detrimental to the public.

Transfer of shares by shareholders: The law imposes specific requirements for shareholders to transfer their shares if they no longer meet certain criteria. The CHP argues that these provisions are unduly restrictive.

Contracts between service providers and customers: The law grants the Capital Markets Board broad discretion to determine the terms and conditions of contracts between cryptocurrency service providers and their customers, potentially leading to anti-competitive practices.

Censorship powers: The CHP is concerned about the Capital Markets Board’s authority to order the removal or blocking of content, arguing that this could infringe on freedom of expression.

Lack of clarity on service providers: The law does not provide a clear definition of the individuals and entities that can be considered cryptocurrency service providers.

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The SPK has updated its “Operating Companies List,” which showcases crypto asset service providers that have applied for preliminary licenses. Initially, the list featured 47 companies, but the latest update now includes a total of 76 companies.

Among the newly added companies, Backpack Exchange stands out. Backpack Exchange is a centralized cryptocurrency exchange based on the Solana blockchain. It offers a reward system that grants users points based on their trading volumes. Additionally, the platform boasts advantages such as privacy, speed, and low transaction fees.

Interestingly, major global exchanges like KuCoin, Gate.io, Crypto.com, and BingX, which were absent from the earlier list, have now also been added.

Here is a list of the newly added companies:

Akatılım (Aigen Software and Technology Foreign Trade Import and Export Inc.)
Balance Network (Balance Network Crypto Asset Informatics and Technology Inc.)
BINGX TR (BINGX TR Technology Inc.)
BitTurk (Bittürk Informatics and Trade Inc.)
Byte Exchange (Bytedex Technology Inc.)
Citypay (Citypay Computer Technologies Trade Limited Co.)
Coinbase (Coinbase Turkey Software Technologies Inc.)
Destek Kripto (Destek Group Technology Services Inc.)
EXZI (EXZI Technology Trade Inc.)
Felixo (Felixo Technology and Software Inc.)
Finnova (Finnova Technology Inc.)
Crypto.com (Foris DAX TR Technology Inc.)
Fasset (FTL Technology Inc.)
GateTR (Gate Technology Inc.)
GMS Kripto (GMS Global Technology Inc.)
Türkiye İş Bankası (Türkiye İş Bankası Inc.)
KarumX (Karum Financial Technology Inc.)
Kointra (Kointra Informatics and Technology Inc.)
KuCoin TR (Kuturk Informatics and Technology Inc.)
Trinkex (Loop Technology Software and Consulting Trade Inc.)
AeronX (Magician of Meta Technology Inc.)
Misyon Financial Technologies Inc.
Misyon Investment Bank Inc.
Nexo (Nexo Technology Inc.)
Paribu Digital Asset Custody Technologies Inc.
Sarus Software Services Industry and Trade Inc.
Backpack Exchange (Trek Labs Technology Inc.)
Block Earner (WEB3 Technology Inc.)
Norbi (Yenkido Informatics Services Trade Inc.)

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In the latest update from the SPK, the number of approved platforms has risen from 47 to 76. This list includes several banks, as well as the Turkish subsidiaries of numerous global exchanges that were not previously approved.

Which Cryptocurrency Exchanges and Platforms Have Received SPK Approval in Turkey?

Below is the list of 76 companies that have received preliminary approval to operate in Turkey:

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The new guidelines have been developed after extensive consultation with industry stakeholders to ensure they are practical and effective.

MASAK has streamlined the suspicious transaction reporting form to make it more user-friendly and align with current financial technologies.

The updated guidelines include new categories of suspicious activities to reflect evolving criminal typologies.

Cryptocurrency service providers are now required to select a specific suspicion category when submitting reports.

The online reporting system has been redesigned to accommodate the new guidelines and offer a more efficient user experience.

Cryptocurrency service providers operating in accordance with the Capital Markets Law No. 6362 must adhere to the new guidelines and submit suspicious transaction reports through the updated MASAK Online 1.0 system starting from July 26, 2024.

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Crypto Exchanges Embracing Legal Compliance

Following the official publication of the cryptocurrency law in the Official Gazette this week, cryptocurrency exchanges are implementing changes to ensure compliance. Binance had previously announced the gradual removal of Turkish language support and the termination of marketing activities directed towards Turkish users within three months.

Echoing Binance’s decision, Gate.io issued a similar announcement today. The statement reads, “Turkish language support on Gate.io will be discontinued within 3 months. Gate.io’s advertising and marketing activities directed towards Turkish residents will be terminated.”

Platform Access Remains Open

The announcement emphasized that Gate.io’s platform will continue to be accessible to Turkish residents. Gate.io further stated that it will closely monitor any new regulations introduced by the Capital Markets Board of Turkey (SPK) in the future. The exchange also assured users that their funds remain secure under Gate.io’s protection and that the aforementioned changes will not affect deposit/withdrawal or cryptocurrency trading activities.

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FATF Decision

The decision to remove Turkey from the gray list was made during the FATF Plenary Meeting held today. Turkey had been placed on the gray list in 2021 due to concerns about its AML/CFT measures. Research by the International Monetary Fund (IMF) has shown that being on the gray list can lead to a deterioration in relations with foreign banks and investors.

“We Did It” Message from Minister Şimşek

Treasury and Finance Minister Mehmet Şimşek was in Singapore to make a presentation at the meeting where Turkey’s status on the FATF Gray List would be discussed.

What is FATF?

The Financial Action Task Force (FATF) is an intergovernmental organization established in 1989 by the G-7 countries (US, Japan, Germany, France, UK, Italy, and Canada) at a meeting in Paris to establish international standards for combating “money laundering of proceeds from crime, terrorist financing, and the financing of proliferation of weapons of mass destruction” and to promote the adoption of legal and institutional measures compatible with these standards and the operational implementation of these measures in an effective manner. FATF’s mandate has been periodically extended since its inception, and it was made permanent by a decision taken in April 2019. The FATF plenary, which is the decision-making body of the organization, meets three times a year.

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IMARO, a meme coin inspired by the local elections held in Turkey in March, is making its first local exchange listing.

According to an announcement by crypto exchange Bitci, IMARO will be available for purchase and sale in Turkish Lira on June 7. The listing was announced on a meaningful day and time, May 29, 2024, at 2:53 PM, coinciding with the 571st anniversary of the conquest of Istanbul. The listing will also take place at 2:53 PM.

IMARO is currently available for purchase and sale on the decentralized exchange Raydium on the Solana blockchain, as well as on centralized exchanges LBank and Coinstore.

IMARO was created by Metin Redjepi, one of the senior executives of DLive, the world’s first blockchain-based live streaming platform, which was launched in 2017. IMARO experienced a significant increase shortly after the March 31 election, exceeding $0.0081. The meme coin is trading at $0.0044 at the time of writing.

IMARO has no connection to Ekrem İmamoğlu.

While cryptocurrencies are already risky investments, meme coins carry even greater risk. Experts warn that caution should be exercised when investing in meme coins and that there is a possibility of a potential investment being reset to zero.

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