Cryptocurrency exchange Bitfinex, one of the largest in the world, has decided to cease its operations in Turkey amid new regulatory requirements.
Announcement of Bitfinex Withdrawal from Turkey
Bitfinex, one of the most significant cryptocurrency exchanges listed in the 'List of Active Exchanges' published by Turkey's Capital Markets Board (CMB), has officially announced its departure from the local market. The company stated that all operations will be terminated on June 16, 2025.
Information for Bitfinex Users
In its official statement, Bitfinex emphasized that all users can carry out withdrawal transactions until July 16, 2025. Registration of new users will be suspended starting from June 16, 2025. These measures are being taken in accordance with the Capital Markets Law No. 6362 to protect the rights and interests of users.
Closure of Operations and Consequences
Reportedly, until July 16, 2025, users will be able to convert their crypto assets into cash and carry out transfers. Unwithdrawn crypto assets will subsequently be automatically converted to Turkish Lira at market value and transferred to bank accounts specified by users.
Bitfinex's withdrawal from Turkey highlights the growing regulatory challenges in the cryptocurrency industry, which may affect other market participants.
