Turkey Confiscates Digital Assets of Sam Bankman-Fried, the Founder of FTX Exchange

Turkish authorities have taken action against ex-FTX CEO SBF by freezing his assets in the country

Turkey plans to lay down more hard and fast Crypto Regulations Following FTX Downfall

According to Nureddin, the finance minister of Turkey, the deliberate strategy taken is in agreement with the crypto market

As reported by Anadolu Agency, a leading federal Turkey-based local news agency, Turkish authorities have taken action against ex-FTX CEO SBF or Sam Bankman-Fried by freezing his assets in the country. Considering the report presented by the news agency, freezing enables the government to dig into SBF’s, FTX exchange including a handful of its affiliates, considering hoax allegements that turned up on the heels of FTX’s up-to-date tumble.

Turkey plans to lay down more hard and fast Crypto Regulations Following FTX Recent Downfall

If statements issued by Nureddin Nebati, the Finance Minister of Turkey, are to be believed, the Turkish government has not only confiscated the digital assets of Bankman-Fried but also the assets of some FTX arms. From the personal perspective of Nureddin, the deliberate strategy taken is in agreement with the crypto market, specifically if the pros and cons of the sector are taken into account. However, he personally believes that the sudden collapse of FTX has entailed the need for implementing more hard and fast crypto regulations. Therefore, with this in mind, an underway investigation conducted by the Financial Crimes Investigation Board (MASAK), will lay the groundwork for those regulations.

In the meantime, another important thing to be considered important is that Turkey’s strategy designed toward crypto has always been one fraught with risk. The Islamic country is broadly known to adopt crypto, mainly as a result of its inflation-stricken national traditional currency. However, on the other hand, Turkey has turned out to be rather rigid on crypto. For instance, the country put a ban on several crypto defrayals back in the second quarter of 2021. Meanwhile, it also took another strict action by commanding against a broad array of payment service providers within its territory by adding digital assets into their businesses.

However, looking at the recent quandary of FTX as well as FTX TR – its Turkish branch, which is part of the Bankman-Fried collapsed crypto conglomerate, efforts are now being made to lay down and implement harder and faster rules for the industry.

FTX, a crypto exchange of a premier rank, eventually collapsed recently, and that in a short time recently. Also, suffice it to say, SBF, who once upon a time used to have a net worth of more than $16 billion, now has lost over 90% of its financial assets in a single day, subsequent to the collapse of FTX.