Authorities in Istanbul, Turkey, escalated a crypto probe, seizing the COINO Crypto Asset Platform and 15 other companies on money-laundering allegations.
Summary
Why did prosecutors seize COINO and 15 companies?
In a Friday announcement, the Istanbul prosecutors’ office said the COINO Crypto Asset Platform and 15 other companies were seized on money-laundering charges, and 17 suspects detained. This crypto money laundering investigation alleges the firm acted as an intermediary to wash illicit proceeds for suspects and their relatives.
Moreover, prosecutors said assets originating from crime were seized by order of the Istanbul Criminal Court of Peace.
The Prosecutor’s Office stated that 645 of the 802 natural persons who received money from the company’s accounts were linked to crimes such as illegal betting, fraud, and the misuse of bank or credit cards; that 172 of these individuals had been investigated or prosecuted for these offences; and that there are also ongoing investigations and prosecutions against both natural and legal persons who transferred money into the company’s account in connection with similar crimes.
The move fits into a broader Turkey financial crimes crackdown.
How much crypto was allegedly laundered in Turkey
However, the prosecutors’ office estimated the crypto movements involved were likely worth nearly 770 million US dollars.
Criminal groups increasingly use crypto because it enables rapid, cross-border transfers while masking identities behind anonymous wallet addresses risks. The risks tied to anonymous wallet addresses complicate oversight.
| Metric | Value |
| Companies seized | 15 |
| Suspects detained | 17 |
| Estimated crypto flows | 770 million US dollars |
| Natural persons paid | 802 |
| Linked to crimes | 645 |
| Investigated/prosecuted | 172 |
What does the Turkey crypto market look like in 2025?
By 2025, according to Chainalysis, Turkey had emerged as one of the largest cryptocurrency markets, recording nearly 200 billion US dollars in annual transactions. Additionally, the scale underscores why enforcement is accelerating. For more context, see the Chainalysis regional report.
How are regulators responding to AML threats?
Separately, on July 15, the European Union’s Anti-Money Laundering Authority said crypto-asset service providers (CASPs) face “significant money-laundering and terrorist-financing risks” due to anonymity, cross-border transfers and speed. Those CASPs AML terrorist financing risks reinforce the need for stricter controls; see AMLA guidance.
Meanwhile, Turkey’s Savings and Deposit Insurance Fund (TMSF) has appointed trustees to the companies and dismissed their current administrations. Reuters reporting on similar measures provides context on court-backed trusteeships: Reuters reporting on TMSF trusteeships.
Ultimately, the Istanbul action signals tighter oversight of platforms and intermediaries as turkey crypto faces heightened anti-money-laundering scrutiny.
