In an era where crypto asset markets are rapidly evolving, the necessity for platforms to comply with legal regulations is becoming increasingly vital. At EgeMoney, in light of recent developments regarding the licensing process in Türkiye, we have made the decision to cease operations. This decision applies only to our Turkish operations. Our global services will continue to operate as usual, prioritizing safety, user experience, and speed. To stay informed about our international updates, please follow us on our official social media channels.
To ensure transparency during this process and address all questions users may have, we’ve prepared this comprehensive FAQ guide. Below, you’ll find detailed information regarding the liquidation process, user rights, and the next steps.
What is the liquidation process?
The liquidation process refers to the formal closure of our company’s operations, fulfilling existing obligations and liquidating current assets. With the enactment of Law No. 7518 on July 2, 2024, which amended the Capital Markets Law, crypto asset service providers are now regulated and supervised by the Capital Markets Board (SPK). As a result, we have decided to liquidate our operations instead of continuing under the new regulatory framework.
Why is EgeMoney initiating a liquidation process?
Following the enforcement of Law No. 7518, crypto asset service providers are now required to comply with SPK supervision. After extensive evaluations, we have chosen to initiate liquidation in order to protect user rights rather than undergo the transition to meet new compliance requirements.
When will the liquidation process begin and how long will it last?
Our liquidation process began following our official notification to SPK, and is expected to be completed by 15 May 2025, in accordance with regulatory requirements.
Will new users be accepted during the liquidation process?
No, new users will not be accepted during the liquidation period.
What assets should I withdraw from my account during liquidation?
To avoid any issues, all users are advised to withdraw their assets as soon as possible. This includes cryptocurrencies, fiat balances, and any other digital assets. Once the process is finalized, all operations on the platform will cease. Please ensure your assets are transferred to secure wallets via appropriate networks within the given timeframe.
How can current users withdraw their crypto assets?
Users can withdraw their crypto assets at any time before the liquidation process is complete. Please follow the instructions provided on our platform and complete the necessary steps to ensure a smooth withdrawal.
What is the final deadline for withdrawing crypto assets?
Our users must withdraw their assets by May 15, 2025. The new decision or the most up-to-date information to be determined by the SPK will be announced to our users through this article.
How can I withdraw the Turkish Lira balance in my account?
To withdraw your TRY balance, you can request a transfer to your registered bank account via our platform. Please ensure that your banking details are accurate and up-to-date.
Will customer support services continue during the liquidation?
Yes, our customer support services will remain active throughout the liquidation process. For any questions or assistance, please contact our support team at [email protected].
What happens if I don’t withdraw my assets?
If your assets are not withdrawn by the end of the liquidation process, they will be returned to your last registered bank account, calculated at the TRY value of the relevant asset on the final date set by SPK. For this reason, it is crucial to withdraw your assets within the specified period.
Where can I follow updates on the liquidation process?
All updates regarding the liquidation will be shared through our official website and your registered contact details. We also recommend monitoring SPK’s official announcements.
Where can I find SPK guidelines related to the liquidation process?
You can access SPK’s announcements and regulations for crypto asset service providers on their official website.
Will I be charged a fee when withdrawing my crypto assets to another wallet?
You can find the latest fee and commission information on our Fees page.
Will my personal data and transaction history be deleted after the liquidation?
Once our legal obligation to retain user data and documents ends, as outlined by MASAK, all user information will be destroyed.
When and how will user data be destroyed?
According to Article 8 of Law No. 5549 on the Prevention of Laundering Proceeds of Crime, service providers are required to keep all documents related to obligations and transactions for eight years. This includes identity verification documents, transaction logs, and other records. After this period, the data will be permanently deleted.
You may view the relevant law here: https://www.mevzuat.gov.tr/MevzuatMetin/1.5.5549.pdf
What happens if I miss the final withdrawal date? Can I still access my funds?
Please ensure your withdrawals are completed by the announced deadline. If you encounter any issues, our support team is available to assist you.
Will all open orders on the platform be automatically canceled?
All existing orders will remain active until the final liquidation date set by SPK. After this date, any remaining open orders will be automatically canceled, and the refund process will be initiated.
Will EgeMoney reopen in the future?
EgeMoney has decided to cease operations in Türkiye due to the local licensing regulations. However, this does not mean the platform is shutting down entirely. We plan to continue operating internationally and remain committed to providing high-quality service to our users. Our decision to withdraw from Türkiye is solely based on compliance with local regulations.
This decision applies only to our Turkish operations. Our global services will continue to operate as usual, prioritizing safety, user experience, and speed. To stay informed about our international updates, please follow us on our official social media channels.
Please ensure your contact information is up-to-date throughout the liquidation process and stay tuned to our official announcements. Thank you for your understanding and cooperation.
