Turkish authorities seize $40 million in crypto in illegal gambling
by Arthur · October 21, 2022
Turkish authorities have seized $40 million in cryptocurrency as part of an investigation into an illegal gambling ring
Gambling in Turkey is highly regulated. Casinos were banned in 1998 in the country, and online betting, with the exception of a state-owned service, has been banned since 2006.
According to reporting from The Daily Sabahauthorities also issued detention orders for 46 suspects over allegations that the individuals participated in facilitating illegal gambling operations in eight provinces.
Turkey’s Office of the Prosecutor General and the Smuggling and Organized Crime Investigation Agency alleged that the suspects facilitated the funds produced by the illegal gambling operation, which were then transferred to the group’s crypto addresses.
There is no indication of which cryptocurrencies were seized.
Turkish Interior Minister Süleyman Soylu said that “This operation came out of Turkish Cyprus and is linked to the killing of Halil Falyalı.”
Halil Falyali, a Turk Cypriot businessman, was shot and killed while driving near his home Çatalköy, Kyreniain the Turkish Republic of Northern Cyprus in February 2022.
The incident led to two men, M. Faysal Söylemez and Mustafa Söylemez, risk aggravated life sentences.
Falyalı was no stranger to money laundering investigations himself and apparently has been wanted in the US since 2016 on charges of money laundering and drug trafficking.
The 40 million dollars confiscated may only be the tip of the iceberg, at least according to the Turkish authorities.
‘Just the beginning’ of crypto crash
Authorities allege that a transfer of approximately 2.5 billion Turkish lira, roughly $134.3 million, also occurred in connection with the incident.
Turkish authorities appear to have every intention of continuing the investigation, with Soylu narrating The Daily Sabah that “this is just the beginning.”
He told reporters in a separate meeting that: “We have provided these files to these nations in an effort to create a condition that prevents illegal gambling from occurring anywhere in the world, including Europe, the center of such activities.”
He added that “allegations that Turkey is making money from crime and illegal gambling are false” and that “Turkey is cooperating with all its institutions to block organized crime’s cryptocurrency transactions and earnings.”
