In a severe regulatory crackdown, Turkey has blocked access to 46 cryptocurrency platforms. Thousands of Turkish crypto users found themselves suddenly unable to access crypto trading platforms. The Turkish financial authorities made it clear – they are targeting both centralized and decentralized exchanges. This crackdown comes alongside the introduction of new rules for crypto exchanges operating in Turkey. This includes mandatory user verification or KYC for all platforms. There will also be withdrawal delays to allow for enhanced monitoring of suspicious transactions.  Going ahead, there will also be increased cooperation between exchanges and authorities for reporting illicit activities.  Turkey blocks 46 crypto platforms in sweeping regulatory crackdown Turkey’s Capital Markets Board (CMB) blocked access to 46 unauthorized crypto platforms in July alone, including leading decentralized exchange (DEX) PancakeSwap, as part of a sweeping enforcement campaign to… — CoinNess Global (@CoinnessGL) July 7, 2025 DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Move Faces Severe Backlash – “In a country where inflation is high and trust in the lira is low, crypto became a lifeline” However, the move was met with a severe backlash. Shyft network took to X to say, “Turkey just passed a sweeping crypto law. But this isn’t just about compliance — it’s about control. Turkey now requires all crypto service providers to register, follow AML rules, and comply with the FATF Travel Rule.” “Get off the FATF grey list. But beneath that is a deeper play: extend state oversight over a fast-growing, high-adoption crypto market,” added Shyft. “In a country where inflation is high and trust in the lira is low, crypto became a lifeline. Now that lifeline is being regulated — tightly.” But why did Turkey take this step? The Turkish government cited several reasons for this aggressive regulatory action. Including combating money laundering and terrorism financing, proctecting consumers and maintaining financial stability. Back in 2021 the country did something similar, banning the use of crypto for payments. The Turkish regulators ordered internet service providers to block access to 46 crypto-related websites. The affected platforms range from popular centralized exchanges to leading DeFi protocols, like PancakeSwap.  BREAKING: Turkey Blocks 46 Crypto Platforms Including @PancakeSwap Turkey's Capital Markets Board just issued a sweeping ban on major DeFi platforms for "unauthorized service provision" under national securities law. Key Impact:
• PancakeSwap + 45 other platforms blocked
•… — Sir JP (@JPCrypto618) July 5, 2025 Read More: Turkey Bans PancakeSwap: A Setback for Crypto?  Turkey Bans PancakeSwap Turkey’s Capital Markets Board (CMB) just shut down PancakeSwap (CAKE) for its citizens. They also blocked CryptoRadar, a crypto comparison site. Why? They said the platforms didn’t have the right papers to operate there. This is all thanks to new laws from 2024, giving the CMB the power to block crypto platforms that don’t have licenses. This move is part of Turkey’s bigger plan to crack down on crypto and keep things in check. Basically, they want to make sure crypto platforms are legit and allegedly protect people from shady stuff. So, expect more of these bans if other exchanges don’t get their licenses in line. After the news broke, CAKE took a 4.00% hit in just one day. Now it’s down 10% over the past month, showing the market’s not happy about these rules. PancakeSwap’s trading volume dropped hard too, down 20%, now sitting at $45.54 million. DISCOVER: Best Meme Coin ICOs to Invest in 2025 Key Takeaways

Thousands of Turkish crypto users found themselves suddenly unable to access crypto trading platforms, after Turkey blocked 46 crypto platforms. 

Turkey’s relationship with cryptocurrencies has been turbulent. After the 2021 payments ban, regulators have steadily increased their scrutiny of the sector.  The post Turkey Blocks 46 Crypto Platforms In Big Crackdown: Faces Severe backlash appeared first on 99Bitcoins.

President Donald Trump’s social media company announced on Tuesday plans to launch a new crypto exchange-traded fund (ETF) that will track the prices of five different cryptocurrencies.  The company filed paperwork with the US Securities and Exchange Commission (SEC) on Tuesday, aiming for approval to introduce the “Crypto Blue Chip ETF” later this year. New Crypto Blue Chip ETF The proposed crypto ETF is designed to allocate 70% of its holdings in Bitcoin (BTC), the leading cryptocurrency, with an additional 15% in Ethereum (ETH), the second-largest digital asset.  It will also include 8% in Solana (SOL), hold 5% in XRP, the cryptocurrency developed by Ripple Labs, and 2% in the digital asset created by Crypto.com (CRO), which is set to serve as the ETF’s digital custodian. This latest offering follows Trump Media’s earlier announcements about a simpler crypto ETF that only included Bitcoin and Ethereum. However, it remains unclear whether the company intends to proceed with that initial concept. Crypto ETFs have surged in popularity, providing investors a streamlined way to gain exposure to the crypto market without the need to purchase the assets directly. The increasing interest in these funds has been evident since the first Bitcoin ETFs began trading in US markets last year. Trump’s Crypto Strategy For The US Recent developments in regulatory guidance from the SEC could further facilitate the launch of such products. The agency has made moves towards creating a more favorable environment for crypto businesses, including dropping or pausing several enforcement actions against crypto companies since Trump took office.  Over the past month, the regulatory agency, under the leadership of pro-crypto SEC Chairman Paul Atkins, has moved forward to end legal disputes with key players, such as Binance, Coinbase, and Uniswap. Interestingly, Trump’s stance on Bitcoin has evolved significantly as well. Once a skeptic of cryptocurrencies, he has since embraced the industry, which has become a source of substantial campaign contributions and support.  While the Trump administration has actively supported crypto-friendly regulations, this has raised eyebrows among critics. Allegations of potential corruption have emerged from Democrats, alongside concerns from some within the crypto community about the implications of Trump’s family’s expanding crypto business ventures. At a recent news conference, Trump addressed these concerns, asserting that his family’s investments were entirely appropriate and highlighting his administration’s commitment to making the US the global leader in cryptocurrency. “If we didn’t have it, China would,” the President said.  At the time of writing, the official TRUMP memecoin is trading at $8.58. This represents a 17% drop over the past month and an 88% drop from its record high of $73, which was reached 24 hours after the token’s launch. Featured image from DALL-E, chart from TradingView.com

The International Monetary Fund (IMF) has reportedly rejected Pakistan’s proposal to utilize excess power to offer cheaper electricity to the crypto mining sector, despite the country’s surplus energy capacity. Pakistan’s Crypto Mining Proposal Faces Uncertainty On Thursday, news outlet Independent Urdu reported that the IMF has rejected Pakistan’s proposal to subsidize electricity to certain industries, including the crypto mining and artificial intelligence (AI) sectors. In a statement before the Senate Standing Committee on Energy, Secretary of Power Fakhar Alam Irfan explained that all major energy sector initiatives must be cleared with the international financial institution, adding that the IMF raised concerns despite Pakistan’s surplus energy capacity. In November 2024, the Power Division proposed a marginal cost tariff of PKR 22-23, or around $0.80, per kilowatt-hour for specific industries with significant energy consumption, including the copper and aluminum smelting sectors, data centers, and crypto miners. The Division alleged that it would increase power demand and reduce the potential surplus capacity. Earlier this year, the recently established Pakistan Crypto Council (PCC) proposed utilizing surplus energy to support crypto mining operations and AI data centers in regions where excess electricity capacity is largest. The bid, led by the CEO of the PCC and the finance minister’s advisor, Bilal Bin Saqib, aims to convert unused electricity into a productive resource. Nonetheless, the IMF questioned Pakistan’s plan a month ago, seeking urgent clarification from the finance minister on the power allocation. According to the Thursday report, Irfan stated that the IMF is wary of any pricing mechanism that could destabilize the market, lead to potential economic imbalances, and create “new complications in the already strained power sector.” The international financial institution reportedly argued that Pakistan’s energy plan resembles sector-specific tax breaks that have historically created market imbalances. Additionally, the Senate Standing Committee on Energy expressed discontent over the absence of the Federal Power Minister during the meeting. Multiple senators raised concerns about the “forced” load shedding in the Tharparkar, Matiari, and Umerkot areas, where daily shutdowns continue for up to 14 hours despite consumers paying their bills. A New Era For Digital Assets Irfan affirmed that the government has not withdrawn the proposal, despite the IMF’s negative, adding that it is currently in consultation with international institutions, including the World Bank and other development agencies, to improve it. This follows the country’s efforts to position itself as a crypto hub. In May, the PCC CEO announced the creation of a national Strategic Bitcoin Reserve using existing BTC held by the federal government. He also revealed the establishment of a national Bitcoin wallet to hold cryptocurrencies under the state’s custody, intended to reflect the country’s long-term commitment to the growing industry. Notably, Saqib has previously stated that the election of pro-crypto US President Donald Trump motivated the government to develop the blockchain and digital assets industry, which has been largely unregulated, despite its adoption rate. Pakistan is “done sitting on the sidelines,” he has affirmed, expressing his desire to make the country one of the leaders of blockchain-powered finance.

The U.S. Securities and Exchange Commission has finally given crypto ETF issuers something they’ve been asking for: clarity. On July 1, the SEC’s Division of Corporation Finance dropped a detailed guide outlining what applicants need to include in their filings if they want any shot at getting a cryptocurrency ETF approved. The crypto ETF guidance comes at a time when interest in Ethereum-based products is continuously rising. It’s not exactly light reading, but it’s a serious step forward for firms hoping to launch funds tied to digital assets like Ethereum or token baskets. Rather than keep issuers guessing, the SEC is laying it all out, from valuation to custody to who’s checking the math behind the scenes. The Fine Print The new instructions make it clear that the SEC expects full transparency. Under the crypto ETF guidance, issuers need to explain how they calculate net asset values, where price data comes from, and how the crypto itself is stored.  If a fund sponsor or a connected firm plays multiple roles, such as managing the fund and securing the assets, the agency requires them to explain how they’re handling those roles to avoid conflicts. Source: Shutterstock Another important demand is how the fund will handle large movements of capital. If there’s a sudden wave of buying or selling, the application has to show how that liquidity crunch would be managed. On top of that, the SEC wants assurances that fraud and manipulation won’t fly under the radar. That means surveillance systems need to be strong enough to flag anything unusual, and someone has to be responsible for reviewing that data. DISCOVER: 20+ Next Crypto to Explode in 2025 Why It’s Getting Attention Now This guidance didn’t come out of nowhere. The SEC has already approved spot Bitcoin ETFs, and issuers are now racing to file similar products tied to Ethereum and other assets. As demand rises, the agency is ensuring firms understand what is expected, especially since digital assets still raise concerns about volatility, thin markets, and custody risks. EthereumPriceMarket CapETH$303.86B24h7d30d1yAll time There’s also talk that the SEC may allow some ETFs to skip the traditional exchange listing approval process. If that happens, filings could go through much faster, provided they meet the new requirements. That alone has sparked fresh interest in getting applications right on the first try. DISCOVER: Best New Cryptocurrencies to Invest in 2025 How the Industry Is Responding Firms are already combing through the guidance and cross-checking it against their own filings. Some say the clarity is helpful and long overdue. Others worry that the requirements set the bar too high for smaller players who lack the legal and technical muscle to meet them.  What’s clear is that the early filers will set the tone. The SEC will likely use those applications to refine what it wants to see, so getting it wrong now could mean delays or denials. Most asset managers are quietly working with legal teams and data providers to tighten up their submissions before updates are due. What Comes Next Filings are expected to reflect this new guidance in the weeks ahead. It’s going to be a learning curve, but it could also pave the way for better-structured, safer ETF products. For the SEC, this isn’t just about approving new listings, it’s about making sure the market doesn’t get ahead of the rules. And for the public, that could be a good thing. If fewer crypto ETFs come out as a result of stricter reviews, at least the ones that do launch will be more secure and easier to understand. They’ll have tested systems behind them, clear pricing models, and oversight that makes sense. In other words, fewer surprises and stronger safeguards, all without slowing innovation to a crawl. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways

• The SEC released detailed crypto ETF filing guidance, requiring full disclosure on valuation, custody, and surveillance systems.
• Issuers must clarify how they calculate prices, store assets, and avoid conflicts of interest.
• The guidance addresses liquidity risks and demands strong tools to detect fraud and manipulation.
• Large firms have welcomed the clarity, while smaller ones have expressed concern about the resource demands.
• Future filings will need to follow the new standards, aiming to deliver safer, more transparent crypto ETFs.

The post Crypto ETF Guidance: What the SEC Now Requires From Issuers appeared first on 99Bitcoins.

In recent developments, Turkey’s regulatory landscape for crypto assets has been undergoing a significant transformation after the nation’s Financial Crimes Investigation Board (MASAK) unveiled a new set of guidelines. Interestingly, popular crypto analyst and Turkish national, Burak Kesmeci, has weighed in on this new regime, sharing the implications of these regulations, from both a legal and user perspective. New Turkish Crypto Rules Add Hurdles For Traders, Boost Investor Protection – Analyst  On June 28, 2025, MASAK issued general communique No.29 which focuses on modifying the operations of virtual asset service providers with immediate effect as part of implementing Law No. 5549 on the Prevention of Laundering Proceeds of Crime. In an X post that follows shortly after this announcement, Kesmeci combines with lawyer Ahmed Karaca to explain the key provisions of the MASAK’s new crypto directive. For the market analyst, one of the most prominent changes is the addition of a mandatory waiting period for crypto transactions. Notably, first-time withdrawals from local exchanges now require a 72-hour hold, while subsequent transactions face a 48-hour delay. Kesmeci notes this measure is intended to combat money laundering and fraud by allowing for longer transaction time to detect suspicious activity. However, the analyst describes it as a “negative development” for traders impacting short-term trading activity on global exchanges. Another critical provision in MASAK’s new crypto regime is the introduction of transfer limits when moving funds from an exchange to a cold wallet. Kesmeci states these limits are set at $3,000–$6,000 per day and $50,000–$100,000 per month (or crypto equivalent). However, these transfer caps only apply to stablecoins transactions with investors free to move cryptocurrencies such as Bitcoin and Ethereum in whatever preferred amount. The Turkish analyst explains this is because the transfer limits references a 2021 regulation policy that focused solely on stablecoins. MASAK Presses For Exchange Transparency And Asset Safety Other changes introduced by MASAK is a transparency push that mandates all exchanges disclose new token listings to Turkey’s Public Disclosure Platform (KAP). Burak Kesmeci expresses excitement at this particular regulation as it becomes the first time crypto users gain insights into the process that produces an asset listing. Meanwhile, MASAK is also implementing a strict custody requirement whereby 95% of user funds must be stored with approved custodians, while only 5% is allowed to remain on exchanges. Kesmeci explains this requirement will be carefully monitored as exchanges must not exceed a 90%-10% limit as MASAK aims to prevent exchange collapse such as FTX and Thodex.

As crypto prices see a new rebound with Bitcoin (BTC) leading the pack, US investors are not only anticipating significant returns on BTC and other digital assets but also facing increased scrutiny from the Internal Revenue Service (IRS).  Recent reports indicate that the Internal Revenue Service has dispatched a wave of warning letters to crypto investors, raising alarms about the accuracy of the information they provided on their tax returns. Crypto Tax Inquiries Skyrocket In the past two months, the number of these warning letters has spiked, signaling a renewed focus on digital asset reporting. Crypto tax experts have noted that this uptick is markedly higher than in previous years.  David Kemmerer, co-founder and CEO of CoinLedger, reported a dramatic increase in support inquiries related to IRS communications. From May to June, conversations on CoinLedger about “IRS letters” surged to nearly 800, a ninefold increase compared to the same timeframe in 2024. Kemmerer explained, “Thousands of investors are getting these letters. Naturally, when that happens, we see a flood of customers coming to us asking, ‘What do I do?’”  This sentiment is echoed by two crypto tax attorneys, Jordan Bass and Andrew Gordon, who have also observed a noticeable rise in inquiries regarding these IRS notifications.  Bass mentioned that his firm received inquiries from at least ten recipients of the letters in the last two months, a significant increase from the previous year when no inquiries were reported. IRS Warning Letters The IRS has a history of intensifying its efforts to ensure compliance among cryptocurrency investors. Following the agency’s acquisition of thousands of customer records from Coinbase in 2017, it implemented a series of “voluntary compliance” letters aimed at encouraging accurate reporting among investors.  The latest notices inform recipients that the Internal Revenue Service possesses information indicating they hold “one or more accounts containing virtual currency.”  While some letters advise recipients to review their reporting for accuracy, others require a response, either through amended returns or explanations justifying their reported transactions. Interestingly, Gordon noted a potential commonality among recent recipients of the letters, many of whom had accounts on the Seychelles-based crypto exchange Poloniex, raising questions about the data the IRS may have accessed to trigger these communications. Kemmerer speculated that the increased outreach from the IRS typically follows the agency acquiring new data, suggesting that the notices might be part of broader enforcement efforts. “I’m sure there are just people randomly getting selected, and the lucky ones get these scary letters,” he said. Featured image from DALL-E, chart from TradingView.com 

The Ministry of Treasury and Finance of Turkey, led by Mehmet Şimşek, has announced a series of stringent new measures aimed at curbing money laundering and enhancing the oversight of digital asset transactions. According to the 25th June 2025 announcement, “The Ministry is preparing to take additional steps and will request strict control and supervision of the transactions carried out by Crypto Asset Service Providers (CSAs).” Notably, the latest regulatory push comes amid a surge in crypto adoption driven by the Turkish lira’s sharp depreciation – nearly 20% of its value over the last year – and growing over illicit financial activity in the digital asset space.  Turkey’s latest crypto "reforms" demand 20-character transfer memos, impose 48–72 hour withdrawal delays, and restrict stablecoin usage. Innovation doesn’t thrive under surveillance-heavy micromanagement. Oversight is necessary, but choking liquidity is not regulation — it's… — AhmetAytac (@ahmetaytacvtx) June 25, 2025 According to the rules, all crypto transactions in Turkey must now include a minimum 20-character transfer note. Platforms that fail to comply with new rules will fact a mandatory 72-hour delay on all user withdrawals.  Furthermore, the new daily and monthly limits have been imposed on stablecoin transactions, with users restricted to $3000 per day and $50,000 per month. Explore: 9+ Best High-Risk, High–Reward Crypto to Buy in June 2025 Capital Markets Board in Turkey Gains Full Control Over Digital Assets Turkey has given its Capital Markets Board (CMB) complete control over the crypto asset service providers (CASP) in an attempt to control its fast-growing crypto market. On 13 March 2025, the nation saw the CMB publish two regulatory documents concerning ‘Establishment and Operating Principles of Crypto Asset Service Providers’ and ‘Working Procedures and Principles of Crypto Asset Service Providers and Capital Adequacy. ’ These licensing and operational guidelines for CASPs, which include crypto exchanges, custodians and wallet service providers, enable them to keep running operations in the country. The recently created structure requires rigorous adherence to both national and international compliance criteria. Explore: The 12+ Hottest Crypto Presales to Buy Right Now Key Takeaways

Turkey’s latest regulatory push comes amid a surge in crypto adoption driven by the Turkish lira’s sharp depreciation and growing over illicit financial activity in the digital asset space. 

For crypto exchanges and service providers in Turkey, compliance costs are likely to rise. This is because platforms must implement new systems to enforce transfer note requirements and monitor transaction limits.
The post Turkey Tightens Crypto Regulations As Turkish Lira Continues To Depreciate appeared first on 99Bitcoins.