Koinim

What did it do?

Koinim was a bitcoin wallet, trading platform and payment system that opened to users in December 2013. It was developed by Veriyol, the company founded by Ali Çağatay Yüksel, and over time grew into an exchange that also listed other cryptocurrencies.

Why did it shut down?

Law No. 7518, which came into force in July 2024, brought crypto asset service providers under the licensing and supervision of Turkey's Capital Markets Board (SPK). Companies wishing to continue operating had to apply, while those that would not continue had to file a declaration of liquidation. Koinim announced that it had decided to halt its platform's operations following the SPK bulletin of 8 August 2024. In November 2024 the company appeared on the SPK's list of firms that had filed a declaration of liquidation. It is reasonable to think that the capital and compliance burden required by the new regime weighed heavily on small, first-generation players; this part is interpretation.

The story

Koinim opened to users in December 2013 as one of Turkey's first bitcoin start-ups. According to a Webrazzi report at the time, the platform had been developed in-house over six months by Veriyol, the company founded by Ali Çağatay Yüksel. Opened to everyone after an invitation-only test period, Koinim combined a bitcoin wallet, a trading platform and a payment system. The team talked of plans to add other cryptocurrencies such as Litecoin later on and to offer integration for e-commerce sites.

Koinim set out at a time when bitcoin was known in Turkey only to a small group of enthusiasts, and over the following decade it witnessed the market's growth. After 2021, when interest in cryptocurrency exploded, the rules of the sector changed rapidly. Law No. 7518, published in the Official Gazette in July 2024, brought crypto asset service providers under the licensing and supervision of the SPK, Turkey's Capital Markets Board. Companies wishing to continue operating had to apply, while those that would not continue had to file a declaration of liquidation.

Koinim announced that it had decided to halt its platform's operations following the SPK bulletin of 8 August 2024. New sign-ups, trading, and Turkish lira and crypto deposits were closed; withdrawals were left open so users could take out their assets. On the list updated by the SPK in November 2024, Koinim Bilişim AŞ was among 14 firms that had filed a declaration of liquidation. The company also appeared on the SPK's September 2026 list of firms in the liquidation process.

Koinim's closure can be read as a consequence of crypto exchange in Turkey turning from a field small teams could enter into a licensed sector demanding high capital and compliance costs. One of the first-generation players, which had survived for more than a decade, left the stage with the arrival of the new rules.

Lessons for founders

• Being early is an advantage, but once the market matures, scale and compliance capacity become decisive.
• Read regulatory signals years in advance and build your capital plan around them.
• Keeping the withdrawal channel open when you close is your last and most important responsibility to users.

Sources

1. Koinim.com: a new Turkish bitcoin wallet and platform (Webrazzi, 2013-12-25)
2. Crypto asset providers that filed a declaration of liquidation with the SPK (Webrazzi, 2024-12-03)
3. SPK updates its list: sharp drop in crypto asset licence applications for operating permits (Haberler.com, 2024-11-29)
4. About the Decision to Halt Operations (Koinim, 2024-08)
5. List of Firms in the Liquidation Process (Sermaye Piyasası Kurulu, 2026-09-21)

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