COINO Cryptocurrency Exchange Appointed a Trustee: 12 Billion Lira Investigation

A Receiver Has Been Appointed to COINO Crypto Asset Trading Platform

According to a statement from the Chief Public Prosecutor's Office, the report prepared by the Financial Crimes Investigation Board (MASAK) concerning the ongoing investigation into COINO Crypto Asset Trading Platform Inc. has been detailed. It was reported that a total of 211 million 563 thousand 563 Turkish Lira entered the company's accounts during the July-December period of 2024, and this figure amounted to 11 billion 948 million 942 thousand 887 Turkish Lira in the January-May period of 2025.

Suspicious Money Transfers from Company Accounts

The statement indicated that a total of 12 billion 350 million 393 thousand 826 Turkish Lira was sent from COINO's accounts to legal entities, including foreign-based crypto asset provision platforms, and 282 million 923 thousand 646 Turkish Lira was transferred to individual accounts. Additionally, it was detected that until July 23, there had been a total crypto asset inflow of 769 million 786 thousand 12 USDT (approximately 32 billion Turkish Lira), while an outflow of 769 million 446 thousand 673 USDT was recorded.

Determination of Money Laundering

It was stated that out of 802 individuals to whom money was sent to the company accounts, information was found on 645 of them related to illegal betting, fraud, and credit card abuse. As a result of the analyses, it was reported that the income obtained from these crimes was invested in COINO Inc. and that this money was converted into crypto assets and then transferred to wallet addresses abroad.

Operations and Seizures

As part of the investigation, 10 vehicles valued at 637 million Turkish Lira, 7 real estate properties, and 16 companies were seized. During this process, 17 suspects were detained, while 22 suspects located abroad and in prison were identified. In order to prevent victimization, a receiver was appointed to COINO Inc. by the TMSF.