# ICRYPEX (2018 – 2026)

- URL: https://girisimcikafasi.com/en/startup-graveyard/icrypex/
- Sector: Crypto and blockchain
- Country: Turkey
- Total funding: unknown
- Cause of closure: Regulation and legal issues

## What did it do?

ICRYPEX was a Turkish cryptocurrency trading platform founded in April 2018. It offered infrastructure built by its own engineers, separate interfaces for beginners and professionals, and round-the-clock support. It quickly gained visibility through sponsorships with sports clubs and fan tokens.

## Why did it shut down?

In July 2025 the Istanbul Chief Public Prosecutor's Office seized the assets of the company and of Gökalp İçer, named as the company's owner, as part of an investigation based on a report by MASAK, Turkey's financial crimes investigation board. According to FintekWins, the report named ICRYPEX as one of the structures through which criminal proceeds were allegedly laundered. In August 2025 the Savings Deposit Insurance Fund (TMSF) was appointed as trustee, and restricted transactions reopened in September 2025. On 27 August 2026 the Capital Markets Board (SPK) ruled that the company should be liquidated, and a process for withdrawing customer assets began. The sources contain no final ruling on the allegations in the investigation.

## The story

ICRYPEX was a cryptocurrency trading platform founded in April 2018. In a promotional article published on Webrazzi, the Turkish tech news site, in 2020, the platform highlighted technology developed by its own engineers, two separate interfaces for beginners and professionals, and round-the-clock support from customer representatives. 2021 was a year of rapid growth for the company. At the start of the year it became a sponsor of the Beşiktaş basketball team in exchange for 42 bitcoin. In April, Hedef Girişim took a 10 per cent stake and İdealist Danışmanlık a 20 per cent stake in the company; according to egirişim, ICRYPEX employed 129 people at the time and was the first exchange in Turkey to list the Avalanche network. In September, the pre-sale of a fan token issued with Altay Sports Club raised 23 million TL.

When the crypto sector came under the licensing regime of the Capital Markets Board (SPK) in 2024, ICRYPEX was among the platforms that continued operating, and the company's trade name was changed in line with the new regulations. In July 2025, however, the picture changed. As reported by FintekWins, the Istanbul Chief Public Prosecutor's Office seized the assets of the company and of Gökalp İçer, named as the company's owner, as part of an investigation based on a report by MASAK, Turkey's financial crimes investigation board; the report named ICRYPEX as one of the structures through which criminal proceeds were allegedly laundered. In August 2025 the Savings Deposit Insurance Fund (TMSF) was appointed as trustee. Transactions, restricted for a time, reopened on 3 September 2025 after security reviews.

The end came a year later. On 27 August 2026 the SPK ruled that the company should be liquidated, and ICRYPEX was moved onto the list of firms in liquidation. FintekWins noted that the SPK did not formally link this change to the earlier investigation. In the withdrawal process that began on 14 September 2026, it was announced that customers' crypto assets would be converted into Turkish lira and transferred only to bank accounts registered in their own names, with the timing of payments depending on the sufficiency of the company's assets. The sources contain no final ruling on the allegations in the investigation.

ICRYPEX's story shows how quickly an exchange that gained visibility fast through sponsorships and token sales can come apart in the face of legal proceedings and a licensing regime.

## Lessons

- Visibility gained through sponsorships and token sales does not make up for weak corporate governance and oversight.
- Corporate governance and independent auditing are the most important shield protecting a company from its shareholders' legal troubles.
- In a licensed sector, the loss of reputation comes before the loss of the licence.

## Sources

- [A Revolution in Bitcoin Trading: Icrypex!](https://webrazzi.com/2020/05/21/bitcoin-alim-satiminda-devrim-icrypex/)
- [Hedef Girişim and İdealist Danışmanlık take a 30 per cent stake in crypto platform Icrypex](https://egirisim.com/2021/04/30/hedef-girisim-ve-idealist-danismanlik-kripto-para-platformu-icrypexin-yuzde-30una-ortak-oldu/)
- [23 million TL Altay Fan Token, produced by Altay Sports Club and ICRYPEX, sells out](https://egirisim.com/2021/09/16/altay-spor-kulubu-ve-icrypex-ortakliginda-uretilen-23-milyon-tllik-altay-fan-token-tukendi/)
- [Asset Shock for ICRYPEX and Gökalp İçer: Investigation Deepens](https://www.fintekwins.com/crypex-ve-gokalp-icere-mal-varligi-soku-sorusturma-derinlesiyor/)
- [Trading Reopens at Icrypex Türkiye](https://www.fintekwins.com/icrypex-turkiyede-islemler-yeniden-acildi/)
- [SPK Updates Crypto List, Number of Platforms Falls to 43](https://www.fintekwins.com/spk-kripto-listesini-guncelledi-platform-sayisi-43e-indi/)
- [Withdrawal Process for Customer Assets Begins at ICRYPEX](https://www.fintekwins.com/icrypexte-musteri-varliklarinin-cekim-sureci-basladi/)
- [List of Firms in Liquidation](https://spk.gov.tr/kurumlar/kripto-varlik-hizmet-saglayicilar/tasfiye-surecinde-olanlar-listesi)