Fibabanka will not seek operating authorization for the crypto platform planned with Fiba Yatırım as its sole shareholder. The bank cited strategic and operational assessments in deciding not to launch the project, which had received establishment approval.
Fibabanka said it will not apply for operating authorization for its planned cryptoasset platform and will not begin providing cryptoasset services under the project. In a November 2 filing on Turkey’s Public Disclosure Platform, KAP, the bank attributed its decision to current strategic and operational assessments. Its subsidiary Fiba Yatırım was to establish and wholly own the platform.
Fiba Yatırım was to be the platform’s sole owner
Fibabanka’s board decided on December 8, 2025 to establish a cryptoasset service company. The bank’s wholly owned subsidiary Fiba Yatırım Menkul Değerler AŞ was to establish and own all the shares in Fiba Kripto Varlık Alım Satım Platformu Anonim Şirketi. The bank said it had obtained establishment approval from Turkey’s Capital Markets Board, known as SPK.
The bank now says it will not seek operating authorization within six months of establishment approval. It did not detail its strategic and operational reasons or disclose spending on the project. It did not report that SPK had rejected an application or closed an operating exchange.
The six-month period starts with establishment approval
SPK’s Communiqué III-35/B.1 requires separate permissions to establish a company and to serve customers. SPK specifies the permitted services in the certificate it issues after approving an operating application. The company must receive that certificate before serving customers.
To obtain operating authorization, a cryptoasset service provider must meet capital, staffing and organizational requirements and establish information security, internal control, risk management and internal audit systems. Under Article 9, the company must manage private keys securely, connect its systems to Turkey’s Central Securities Depository, MKK, and complete the required tests. Platforms must additionally contract with an authorized custodian and open a bank account for customer cash.
Under Article 17, a company loses its right to obtain operating authorization if it fails to apply within six months of SPK’s establishment approval. The regulator can extend the period if it considers an extension necessary, up to a total of one year. The clock does not start with Fibabanka’s December 8, 2025 board decision. The latest filing does not give the establishment approval date, the exact application deadline or say that the bank received an extension.
A company that misses the application deadline or whose application is not approved has two options. Within three months of being notified, it must either resolve to wind up or amend its articles of association so that its trade name, purpose and business activities no longer cover cryptoasset services. It must send the relevant Turkish Trade Registry Gazette notice to SPK within ten business days of publication. Fibabanka has not said which option it will choose or announced a resolution to wind up or amend the articles.
Kripto Market provides lira transfers to exchanges
Customers use the bank’s existing Kripto Market service to transfer lira. Its product page, reviewed on November 2, says customers can send lira to partner crypto exchanges around the clock through mobile and internet banking. The bank lists Binance TR, Paribu, BtcTurk and OKX TR as partners. It did not announce a change to the existing transfer service in its KAP filing.
Customers use Kripto Market to transfer Turkish lira, a fiat currency; they cannot buy or sell cryptoassets at the bank. Fibabanka says it is not responsible for transactions on the exchanges. It displays Paribu’s prices in its banking screens but does not execute crypto trades itself.
Customers can request a lira withdrawal from Paribu through Kripto Market. For other partner exchanges, they must submit the request through the exchange’s own app or website. The bank’s public product page does not provide status information for customers’ pending transfers.
| Term | Limit or fee stated by the bank |
|---|---|
| Currency | Turkish lira only |
| Fee for a bank-to-exchange transfer | TRY 9 |
| Daily transfer count | Up to 4 same-bank transfers and 3 EFT/FAST transfers between the bank and partner platforms |
| Amount | Up to TRY 5 million daily and per transaction, within the bank’s same-bank transfer limits |
The bank applies the stated fees and limits to its round-the-clock transfer service. It charges TRY 9 each time a customer sends lira from the bank to a crypto platform; its product page does not list any withdrawal fees the exchanges may charge. The KAP filing about the planned platform did not disclose customer assets or a repayment plan.
