Türkiye to shut down crypto ATMs amid security concerns

In a significant move, the Turkish Parliament’s Planning and Budget Commission has approved a crypto regulation proposal that mandates the shutdown of all locally-based cryptocurrency ATMs and similar electronic transaction devices within three months.

Should any ATMs continue operations past this deadline, their licenses will be revoked.

Despite objections raised during the commission meeting about the need to maintain facilities allowing tourists to convert their crypto assets, AK Party Deputy Chairman Omer Ileri assured that secondary regulations would address the needs of tourists and other international visitors.

Financial Crimes Investigation Board (MASAK) President Hasan Kaymak highlighted that ATMs facilitating conversions between cash and crypto pose a high risk in terms of financing terrorism.

According to Coin ATM Radar, Türkiye currently has 15 crypto ATMs, with nine located in Istanbul. Globally, there are 37,973 crypto ATMs across 70 countries.