Has Erdogan struck a key black market blow with new action?
Summary
Turkish authorities have seized the assets of alleged illicit gambling operator Veysel Şahin after an investigation by MASAK (the Financial Crimes Investigation Board) identified irregular financial activity. The seizure reportedly included about €460m in crypto assets held via multiple companies. This is the first use of recently expanded powers allowing prosecutors to seize assets where illicit gambling is suspected. MASAK has also been authorised, from 1 February 2026, to supervise online identity checks and verify financial transactions as part of wider anti-money-laundering and counter-terror financing measures. The move follows previous raids and cross-border enforcement efforts aimed at dismantling the black market for betting in Turkey.
Key Points
- Assets linked to Veysel Şahin — reportedly including ~€460m in crypto — were seized following MASAK findings.
- The seizures mark the first use of new prosecutorial powers to confiscate assets tied to suspected illicit gambling.
- MASAK has been authorised from 1 February 2026 to verify transactions and mandate identity checks for online activity to prevent proceeds of crime.
- Charges being examined include offering illegal betting on sports and laundering criminal proceeds; extradition processes have also been triggered.
- The action builds on prior operations (eg December raids detaining 42 suspects) and signals increased cross-border cooperation and enforcement in 2026.
Content summary
The article outlines a potentially pivotal enforcement step in President Recep Tayyip Erdoğan’s campaign against unlicensed gambling. Investigators say MASAK uncovered irregularities in the financial flows connected to Şahin, prompting prosecutors to seize assets across multiple corporate structures. The story frames the seizure as both symbolic and practical: symbolic because it gives a face to a high-profile target in the illicit market, and practical because it demonstrates the government’s new legal toolkit to disrupt funds and operations. The piece also highlights widened supervisory powers for MASAK — including online identity verification measures — as part of broader AML/CTF tightening that will affect gambling, fintech, payments and e-commerce sectors.
Context and relevance
This matter is important for regulators, operators and payment providers because it shows how national authorities are using enhanced AML powers to tackle online black markets and crypto-linked proceeds. For the iGaming sector, it indicates tougher supervision, more rigorous KYC/identity obligations and the potential for aggressive asset enforcement — domestically and through international cooperation. The episode may accelerate compliance demands on operators and payment partners handling Turkish traffic or crypto flows, and it signals that authorities will prioritise cross-border action against suspected facilitators of illicit betting.
Why should I read this?
Short version: if you work in iGaming, payments or compliance — or just want to know how far Turkey will go to choke off illegal betting — this is one to skim. The story shows a real, heavy-hitting use of new powers (and a very large crypto seizure), so expect tougher KYC and more seizures to follow. We’ve saved you the digging — here’s what changed and why it matters.
Author take
Punchy: This isn’t a routine raid — it’s a statement. Seizing crypto at this scale and using freshly authorised supervisory measures ramps up the pressure on the black market and anyone enabling it.
Source
Source: https://igamingexpert.com/features/turkey-seizure-black-market/