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Turkish Financial Watchdog Sets Out to Dig Deeper Into FTX Case

Turkey’s Financial Crimes Investigation Board (MASAK), a body subordinated to the Ministry of Finance in Ankara, has started an investigation into the insolvency of cryptocurrency exchange FTX, joining financial authorities in other jurisdictions to do so.

“It is well known to the public that a crypto asset trading platform operating on a global scale with the trade name FTX.com has not been able to fulfill its obligations to its customers in recent days,” the agency said, noting the development has been widely reported by local and foreign press.

In an announcement released on Monday, MASAK emphasized that according to current Turkish legislation, crypto asset service providers are deemed liable organizations covered by the Law on the Prevention of Laundering Proceeds of Crime and other relevant acts.

The watchdog also unveiled it has been closely monitoring activities in the country of such parties associated with FTX. The investigation will target transactions made through the accounts of both electronic money institutions and crypto providers, the agency noted, and the results will be shared with the relevant judicial and administrative authorities.

Following its collapse, the bankrupt FTX has become the target of investigations in the United States as well as the Bahamas, where it’s headquartered. Elsewhere in the region, the Cyprus Securities and Exchange Commission (CySEC) announced it’s suspending the license issued to FTX (EU) which allowed the exchange to operate across the European Union.


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