Massive COINO Probe: MASAK Uncovers Major Transaction Discrepancies
The COINO Cryptocurrency Exchange was the subject of a massive operation by Turkish authorities. They detained 17 people as part of their operation. Additionally, they froze assets connected to fraud, money laundering, and illicit gambling. The Financial Crimes Investigation Board (MASAK) found unexpected discrepancies in COINO’s transactions, according to the Istanbul Chief Public Prosecutor’s Office. In the first five months of 2025, the platform received about 12 billion Turkish lira in funding. Compared to 211 million lira in the second half of 2024, this is a significant increase.
COINO Becomes Focus of Anti-Money Laundering Investigation in Turkey
By July 23, 2025, COINO accounts handled 769 million USDT in deposits and 769 million USDT in withdrawals, according to MASAK data. 330 million USDT were moved to wallets that weren’t registered on the platform. This implies a deliberate attempt to hide the funding source. The majority of the platform’s users, including 645 out of 802 people who received money, had previously been the subject of investigations for fraud, unlawful betting, or credit card misuse, according to the authorities. Additionally, the platform received illegal funds from businesses and people who are being investigated. This emphasizes its function as a channel for using cryptocurrency to launder illicit revenues.
TMSF Steps In as Trustee After COINO Asset Seizures
Authorities confiscated assets totaling over 637 million lira during the investigation, including 10 vehicles, 7 properties, and 16 companies, including COINO. While other individuals are still being investigated, seventeen people were taken into custody. The Savings Deposit Insurance Fund (TMSF) was designated as COINO’s trustee to guard against possible losses for authorized customers. The case highlights the growing attention being paid to cryptocurrency exchanges as possible conduits for financial crimes. Furthermore, it emphasizes the significance of regulatory supervision in the Turkish cryptocurrency sector.
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