Turkey’s SPK Chief Exits After $20B Investment Fund Collapse

Turkey faced a financial crisis that began in September 2026, when several major investment funds failed to process investor withdrawals during a sharp market sell-off. The SPK has since suspended trading and ordered the liquidation of 131 investment funds managed by seven asset management companies. The crisis has frozen between $17 billion and $20 billion in assets, trapping the savings of nearly 500,000 retail investors and pushing Turkey’s Borsa Istanbul (BIST 100) index down nearly 20%. Justice officials have described the alleged manipulation of thinly traded stocks as a “Ponzi-like scheme,” leading to dozens of detentions across the financial sector.

Source: DeFi Planet