Nils Silinevics
Partner · AML & Crypto Compliance · Former FIU Investigator
HitBTC is not registered with MASAK (Financial Crimes Investigation Board) + CMB (Capital Markets Board) — but your funds are not lost. Swiss lawyers submit directly to HitBTC's compliance team, bypassing standard support. 90%+ success rate.
HitBTC is not CMB-licensed
CMB began licensing crypto exchanges in 2024; MASAK enforces AML compliance; Binance Turkey (Binfinity) was fined 8.2M TL (2022)
This matters because it determines which regulatory body has authority over your case — and whether you have a direct complaint path or need cross-jurisdictional legal action.
What this means for you: HitBTC is not registered with MASAK (Financial Crimes Investigation Board) + CMB (Capital Markets Board), so direct regulatory complaints are limited. However, HitBTC still operates under its home jurisdiction's AML laws (no major regulatory license). We submit legal documents directly to HitBTC's compliance team — not through standard support channels.
Your funds are not illegal. Using an unregistered exchange in Turkey does not make your crypto holdings illegal under Turkish AML Law No. 5549 + CMB crypto regulation. You may face tax reporting obligations, but the funds themselves are yours.
under Law No. 5549, you can file a complaint with MASAK; also BDDK (banking regulator) if bank account frozen
Under Turkish AML Law No. 5549 + CMB crypto regulation (2024), HitBTC must conduct customer due diligence and can freeze accounts during AML investigations. However, they must also:
If HitBTC doesn't meet these obligations, we escalate to MASAK (Financial Crimes Investigation Board) + CMB (Capital Markets Board) and file a formal legal submission. For a broader comparison of how Turkey's rules stack up against other jurisdictions, see our AML laws by country reference.
no specific crypto tax (2024); treated as asset; potential income tax under Income Tax Law
If your HitBTC account is frozen, you may still need to declare your crypto holdings on your Turkey tax return — even if you can't access them. Under Turkey law, the tax obligation may apply regardless of whether the funds are accessible. We recommend consulting a Turkish tax advisor.
If the freeze causes you to miss a tax deadline, we can provide documentation for the MASAK (Financial Crimes Investigation Board) + CMB (Capital Markets Board) and tax authority explaining the situation.
A Turkish investor received a source-of-funds demand from HitBTC after receiving a large crypto transfer. HitBTC required full documentation under Turkish AML Law No. 5549 + CMB crypto regulation (2024). We compiled a structured source-of-funds package with bank statements, exchange history, and MASAK (Financial Crimes Investigation Board) + CMB (Capital Markets Board)-compliant documentation. Funds were released within 3 weeks after our formal legal submission to HitBTC's compliance team.
Details anonymized to protect client confidentiality. Swiss professional secrecy applies.
We analyze your HitBTC account, transaction history, and Turkey regulatory context to identify the exact trigger. Was it a Chainalysis risk flag? A sanctions screening match? A source-of-funds demand? Each requires a different strategy.
We prepare documentation compliant with Turkish AML Law No. 5549 + CMB crypto regulation — not just HitBTC's standard templates. This includes source-of-funds proof, transaction tracing, and any required MASAK-specific forms.
We submit through HitBTC's compliance channels — not standard support. Our submission is in Turkish and references MASAK guidelines. We coordinate with MASAK even though HitBTC is not registered.
We verify everything works and advise on preventing recurrence on HitBTC. If HitBTC doesn't respond within no statutory maximum; MASAK investigations can take 3-6 months, we escalate to MASAK and pursue cross-jurisdictional action in Hong Kong (formerly UK) if needed.
Tell us what happened. A senior crypto compliance lawyer — not a chatbot, not a junior — will read your case and respond within 6 hours. Swiss professional secrecy applies from your first message.