Turkey Seizes Assets of FTX Founder Sam Bankman-Fried

Turkish authorities have seized the assets of seizes assets of former FTX CEO Samuel Bankman-Fried, according to a report by Anadolu Agency.  

The Ankara-based state-run news agency has added that the assets of FTX affiliates have been confiscated as well amid an investigation over fraud allegations. The new probe was launched by the Financial Crimes Investigation Board (MASAK).

In his statement, Treasury and Finance Minister Nureddin Nebati said that the cryptocurrency market had to be treated with "maximum caution," arguing that this sector brings both new risks and opportunities.  

The sudden downfall of the FTX empire has prompted calls for more stringent cryptocurrency regulation.

FTX TR, a subsidiary located in Turkey, is part of Bankman-Fried failed cryptocurrency empire.   

As reported by U.Today, Turkey banned the use of crpytocurrencies for payments back in April 2021. The country's payment service providers were also prohibited from incorporating digital assets into their business model. 

Turkey is one of the top countries by cryptocurrency adoption, which mainly due to inflation-stricken lira. 

Last month, the central bank of Turkey announced a plan to launch a central bank digital currency project that is poised to be launched in 2023. Prior to the launch, the central bank will test its CBDC in collaboration with other banks.