Istanbul seizes COINO and 15 companies

Authorities in Istanbul, Turkey, have intensified their investigation into cryptocurrencies and seized the COINO cryptocurrency platform and 15 other companies on suspicion of money laundering.

Why did prosecutors seize COINO and 15 companies?

The Istanbul Prosecutor’s Office said in a statement on Friday: COINO Crypto Asset Platform and 15 Other companies were also seized on suspicion of money laundering. 17 A suspect was taken into custody. The cryptocurrency money laundering investigation alleges that the company acted as an intermediary to launder illegal proceeds for the suspect and his relatives.

Additionally, prosecutors said assets derived from the crime were seized on police orders. Istanbul Peace and Criminal Court.

The Public Prosecutor’s Office stated the following: 645 of 802 Natural persons who received money from the company’s accounts were linked to crimes such as illegal gambling, fraud, and misuse of bank and credit cards. that 172 None of these individuals had been investigated or charged with these crimes. The company also said investigations and prosecutions are ongoing against both natural and legal entities that transferred funds to the company’s accounts in connection with similar crimes.

The move fits into Türkiye’s broader crackdown on financial crime.

Amount of virtual currency allegedly laundered in Türkiye

However, prosecutors estimated that the cryptocurrency movements involved were probably worth about USD 770 million.

Criminal groups are increasing their use of cryptocurrencies to enable quick cross-border transfers while managing risks by hiding their identities behind anonymous wallets. The risks associated with anonymous wallet addresses complicate monitoring.

What will happen to the Turkish crypto market in 2025?

According to the chain analysisTurkey has emerged as one of the largest cryptocurrency markets, recording near-high trading volumes. 200 billion USD In annual trading. Moreover, the scale highlights why the crackdown is accelerating. For more information, see the Chainaloss regional report.

How are regulators responding to the AML threat?

Separately, on July 15, the European Union anti-money laundering authority Crypto asset service provider (CASP) faces “significant money laundering and terrorist financing risks” due to anonymity, cross-border transfers, and speed. These AML terrorist financing risks of CASPs reinforce the need for tighter controls. See AMLA guidance.

On the other hand, the Turkish Savings Deposit Insurance Fund (TMSF) appointed receivers for both companies and dismissed the current government. Reuters coverage of similar actions provides background on court-backed fiduciary governance: Reuters coverage of TMSF fiduciary governance.

Ultimately, Istanbul’s actions signal increased scrutiny of platforms and intermediaries as Turkish cryptocurrencies face increased anti-money laundering scrutiny.