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Turkey Seizes Assets of FTX Founder Sam Bankman-Fried

Wed, 11/23/2022 - 17:57
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Alex Dovbnya
Turkey has seized the assets of FTX founder Sam Bankman-Fried amid an ongoing investigation over fraud allegations
Turkey Seizes Assets of FTX Founder Sam Bankman-Fried
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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.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at