Legal Risks Facing Unlicensed Crypto Exchanges Offering Forex Services in Turkey

Legal Framework and SPK Supervision The provision of forex transactions by foreign-based entities in Turkey is subject to strict supervision under the Capital Markets Law No.
6362.
Leveraged trading operations were brought under the jurisdiction of the Capital Markets Board (SPK) in 2011, and with the law that came into effect on December 6, 2012, a licensing and auditing requirement was introduced for all institutions wishing to offer these services.
Under current legal regulations, no foreign crypto exchange is authorized to provide leveraged trading services directly to Turkish users.
Prison Sentences and Access Ban Sanctions Severe sanctions are prescribed for platforms and their officials who provide unlicensed services in violation of legal legislation.
Legal experts state that those who violate this prohibition may face prison sentences ranging from two to five years and judicial fines of up to ten thousand days.
Security and Loss of Rights Risks for Investors Legal protection options are highly limited for investors trading on unlicensed platforms.
In the event of potential grievances, the right to appeal to Turkish courts or the SPK remains restricted.
Furthermore, if an access ban is imposed on the platform, it becomes difficult for users to access the assets in their accounts.
Experts emphasize that investors should only prefer SPK-licensed institutions to protect against both the risk of fraud and legal grievances.