Turkey Probes MoonPay's Unauthorized Crypto Operations with Credit Cards
MoonPay's operations in Turkey are under scrutiny due to allegations of unauthorized activities.
The global crypto platform, not listed on the Capital Markets Board's (CMB) list of licensed institutions, is offering cryptocurrency buy-sell services via credit card to users in Turkey through its Turkish-language website.
MoonPay allows users to purchase more than 100 crypto assets, including Bitcoin, Ethereum, Solana, XRP, USDT, and USDC, with Visa, Mastercard, and Maestro cards, which is a clear violation of the CMB regulation requiring transfers to be made only from personal bank accounts.
The platform's 'Sell-to-Card' feature also allows users to transfer fiat currency obtained from selling their crypto assets directly to their Visa or Mastercard cards.