Turkish Authorities Crack Down on Cryptocurrency Trading, Detain 120 Suspects

Turkey’s new interior minister, Ali Yerlikaya, announced on Twitter Tuesday that authorities have detained 120 individuals allegedly involved in cryptocurrency trading. This extensive crackdown is a part of the government’s campaign against cybercrimes and covers 37 provinces.

Yerlikaya stated that the police had examined more than 4,000 bank accounts. The investigation revealed a total of 1.2 billion Turkish liras (approximately $51 million) transferred among these accounts. The money is believed to be connected to illicit activities.

This large-scale operation is one of the most significant yet in Turkey’s ongoing campaign against cryptocurrency trading. The move signals the government’s determination to enforce existing financial regulations and disrupt any potential channels for money laundering or other forms of financial crime related to digital currencies.

The operation is also an indicator of the broader global trend of increasing regulatory scrutiny of cryptocurrency markets, as governments worldwide attempt to control the potential financial instability these markets could cause.