Kemal Cenk Erdem, Chairman of the Board and a shareholder of Bitexen, was arrested as part of the DinamikPay investigation. The case, led by the Istanbul Chief Public Prosecutor’s Office, focuses on allegations involving the transfer of illegal betting proceeds and the laundering of assets derived from crime.
The arrest decision also referred to certain financial transactions linked to DinamikPay and Bitexen. However, currently available information does not indicate that Bitexen itself has been seized or that customer accounts on the platform have been broadly frozen.
Erdem denied the allegations against him. The arrest was ordered as part of an ongoing investigation, and there is no final conviction against him.
Bitexen connection in the DinamikPay investigation
The Istanbul Chief Public Prosecutor’s Office is investigating DinamikPay Elektronik Para ve Ödeme Hizmetleri AŞ over allegations related to illegal betting and money laundering.
As part of the investigation, authorities reviewed reports from MASAK as well as findings from the Central Bank of the Republic of Türkiye and TÖDEB. DinamikPay was found to have processed approximately 17.9 billion lira in money transfers during 2024 and 2025.
This figure does not represent Bitexen’s cryptocurrency trading volume. The 17.9 billion lira amount refers to the money transfers examined at DinamikPay, which is at the center of the investigation.
A total of 13 suspects were detained in the initial operation. Authorities also seized 8 vehicles, 33 residences and 50 plots of land believed to be linked to criminal proceeds, while restrictions were imposed on 126 bank and cryptocurrency accounts.
DinamikPay itself was also seized under a decision issued by an Istanbul Criminal Judgeship of Peace.
What did the arrest decision say about Kemal Cenk Erdem?
Kemal Cenk Erdem was detained at a later stage of the investigation and referred to a criminal judgeship of peace with a request for his arrest following his statement to prosecutors. The court subsequently ordered his arrest.
The decision stated that Erdem was not listed in the trade registry as a direct shareholder, board member or authorized representative of DinamikPay. However, it also noted that he is married to Ayşin Erdem, the company’s founder and long-time controlling shareholder.
According to the court’s assessment, financial transactions linked to Bitexen and Kemal Cenk Erdem were identified among the sources of capital used by DinamikPay and Dinamik Yatırım. Authorities also reported nearly 100 million lira in two-way financial transfers between Kemal Cenk Erdem and Ayşin Erdem.
Statements included in the case file alleged that Erdem played an influential role in the financial decision-making process of the group of companies. The court concluded that financial records, corporate connections and witness statements provided grounds for the investigation to be expanded.
Erdem denied the allegations in his defense before the court. He argued that there had been no commercial activity between Bitexen and DinamikPay in which he was involved.
What does this mean for Bitexen users?
For Bitexen users, the most significant aspect of the investigation is that financial transactions linked to the company and Erdem have entered the case file. However, it is important to distinguish between the measures publicly announced so far and Bitexen’s own operations.
Official sources clearly confirm that DinamikPay was seized. However, currently available statements do not indicate that Bitexen itself has been seized, that the platform’s operations have been suspended or that all customer assets held at Bitexen have been frozen.
The next stages of the investigation will therefore be closely watched by cryptocurrency investors. Bitexen’s deposit and withdrawal operations, any potential measures involving customer assets and possible actions by regulators are among the key issues to monitor.
Bitexen remains on the CMB list
Bitexen Kripto Varlık Alım Satım Platformu AŞ remained on the Capital Markets Board of Türkiye’s “List of Operating Companies” as of September 1. The company ranked sixth on the list.
However, the CMB explicitly states that inclusion on this list does not constitute a final operating license. The list is maintained to publicly identify companies that have declared their intention to operate as crypto asset service providers.
The investigation remains ongoing with regard to other suspects and corporate connections. Any new judicial or regulatory decision involving Bitexen could further increase the significance of the case for Türkiye’s cryptocurrency market.
