FSB tells Turkey to tighten crypto exchange supervision and write stablecoin rules

What the FSB published

The Financial Stability Board, which monitors risks in the global financial system, published an assessment of Turkey's crypto-asset market on 11 November 2026. The board said Turkey has taken significant steps in regulating and supervising the market, but that further work is needed to bring its rules in line with international standards.

The report sets out four areas for attention: closer tracking of financial stability risks, dedicated rules for stablecoins, stronger supervision and enforcement, and more cross-border information sharing. The FSB's assessment does not put any new Turkish legislation into effect.

Stablecoins are the main gap

According to the report, Turkey has built broad crypto rules but has no specific regime covering stablecoin issuers. The FSB recommended clear rules on how issuers manage reserves, how users can redeem their holdings, and how those firms are supervised.

It also said the spread of stablecoins pegged to foreign currencies should be watched closely for risks to the financial system. USDT and USDC, which are designed to hold a value tied to the dollar, are widely used in Turkey.

Supervision and foreign links

The FSB said writing rules is not enough on its own: compliance has to be checked regularly. It called for stronger supervision of crypto-asset service providers and closer monitoring of platforms with operations abroad.

Turkish exchanges operate under rules set by the Capital Markets Board (SPK). The sector's licensing and compliance process is not yet complete, the report notes, with client-asset custody, the separation of client assets from exchange assets and operational security among the areas that matter.

The FSB also recommended that Turkish regulators work more closely with foreign authorities, since exchanges can operate through companies and technical infrastructure in several countries.

What Turkey has already done

The report credits Turkey with bringing crypto-asset service providers into its legal framework. Legislation that took effect in 2024 and communiqués published in 2025 imposed licensing, client-asset protection, capital adequacy and information-security requirements on exchanges.

The FSB said rules keeping client assets apart from platform assets help reduce financial risk, and it welcomed a central data-monitoring system for tracking crypto activity.

Some Turkish platforms are building their own custody technology. Paribu launched a digital-asset custody solution called Paribu Custody, built on its ColdShield technology by its own engineers, and its custody arm is on the SPK's provisional operating list.

The Binance TR case

Questions about foreign links have a recent example. After a cyber attack on Binance Global on 29 October, Binance TR temporarily halted crypto withdrawals on 30 October. The company said on 11 November that withdrawals had reopened on some networks, with updates still to come for other networks and assets.

The FSB report makes no finding of a violation by Binance TR. Its call for supervision of cross-border activity points to the wider question of how far client assets at such platforms are kept independent of operations abroad.