BitTurk

What did it do?

BitTurk was a Turkish start-up founded in 2017 that described itself as both a cryptocurrency exchange and a fintech company with blockchain-based core software. Under the FinDev brand it also developed algorithmic trading software and decentralised finance projects.

Why did it shut down?

In July 2024 crypto asset service providers were brought under the licensing and supervision of the SPK, Turkey's Capital Markets Board. The company did not appear on the first list of liquidation declarations announced by the SPK in November 2024, but according to records in the Internet Archive it appeared on the list of institutions in liquidation dated July 2025. The SPK publishes this list for institutions that will not continue as crypto asset service providers. No public statement on the company's reasons for closing could be found. It is reasonable to think that the capital and compliance requirements of the new regime influenced the decision; this is an interpretation.

The story

BitTurk was a start-up founded in 2017 that described itself as both a cryptocurrency exchange and a fintech company with blockchain-based core software. According to December 2021 reports by egirişim and Webrazzi, the company was known as one of the first exchanges in Turkey to list certain altcoins such as Ripple and Shiba. Under the FinDev brand it also developed high-frequency and algorithmic trading software and decentralised finance projects.

On 14 December 2021 Başarsoft bought a 10 per cent stake in BitTurk for USD 2 million. The deal valued the company at USD 20 million; part of the investment was transferred as equity and part as working capital. BitTurk chairman Mehmet Emin Budak said the company offered corporate clients blockchain solutions that went beyond crypto exchange services. The investment came at a time when interest in cryptocurrency was at its peak.

In July 2024 crypto asset service providers were brought under the licensing and supervision of the SPK, Turkey's Capital Markets Board. The company's name had been changed to Bıtturk Kripto Varlık Alım Satım Platformu AŞ, as the new regulation required. However, while it did not appear on the first list of liquidation declarations announced by the SPK in November 2024, according to records in the Internet Archive the company appeared on the list of institutions in liquidation dated July 2025. The SPK publishes this list to inform the public about institutions that will not continue operating as crypto asset service providers. The company was still on the list as of September 2026.

No public statement on BitTurk's reasons for closing could be found. Even so, the picture suggests that even an exchange that raised investment at a USD 20 million valuation can withdraw from the market in the face of the capital and compliance requirements of a licensing regime; this final assessment is an interpretation.

Lessons for founders

• Raising investment at a high valuation does not mean you will survive when the regulatory environment changes.
• If you run several business lines, cost the line that requires a licence separately.
• Making a public statement when you withdraw from a market protects user trust and your reputation.

Sources

1. Başarsoft buys a 10 per cent stake in crypto exchange BitTurk with a USD 2 million investment (egirişim, 2021-12-14)
2. Başarsoft invests USD 2 million in crypto exchange BitTurk (Webrazzi, 2021-12-14)
3. List of Institutions in Liquidation (18 July 2025, archived copy) (Sermaye Piyasası Kurulu, 2025-07-18)
4. Crypto asset providers that filed liquidation declarations with the SPK (Webrazzi, 2024-12-03)
5. List of Institutions in Liquidation (Sermaye Piyasası Kurulu, 2026-09-21)

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