Turkey Expands Financial Oversight to Include Cryptocurrency Accounts in Anti-Fraud Push

Turkey is drafting legislation to empower its financial crime watchdog, Masak, with broader authority to freeze and restrict access to both traditional bank accounts and cryptocurrency wallets. The move targets money laundering, fraud, and rented accounts often exploited for illegal gambling and scams. Bloomberg reports the bill would allow Masak to suspend mobile banking, impose transaction limits, and blacklist crypto addresses tied to criminal activity.

The crackdown follows Turkey's removal from the FATF grey list in June 2024 after implementing stricter anti-money laundering measures. While crypto trading remains legal, regulators have already blocked unauthorized platforms like PancakeSwap. This aligns with global trends—India froze 450,000 suspect mule accounts last November—as governments escalate scrutiny of financial channels potentially abused for illicit flows.