Narkasa

🏢 Company Profile - Basic Information

Full name and abbreviation
The registered name of Narkasa is Narkasa Yazılım Ticaret Anonim Şirketi, or Narkasa for short.

Name of Sub-Parent Company Public
information does not show that Narkasa has a clear parent company or subsidiary. Based on the available data, Narkasa operates as a separately registered entity and there is no record of any association with any holding company or subsidiary.

Founded
Narkasa was established in June 2020 with a specific registration date of June 2020.

Status
As of March 31, 2025, Narkasa announced that its platform will be permanently closed, and users will need to complete the withdrawal of funds by this date. According to Bybit's announcement, the platform will stop all services from April 1, 2025, indicating that its business status will soon change to "closed". Prior to this, Narkasa operated normally as a cryptocurrency exchange.

Background
Narkasa is a Turkish cryptocurrency exchange founded in 2020 that focuses on providing simple and secure digital asset trading services. The platform is designed to support mainstream cryptocurrencies (such as Bitcoin, Ethereum, Ripple, etc.) and serves both professional traders and novice users. With an emphasis on user-friendliness and security, Narkasa uses the latest technology and international standards and undergoes regular independent audits to ensure asset and information security.

Registered capital
The registered capital of Narkasa is 5,000,000 Turkish lira (about 170,000 US dollars in 2020, the exact amount is subject to change due to exchange rate fluctuations).

Key Executive Backgrounds The
specific names or detailed backgrounds of Narkasa's executives are not provided in the public information. It is only known that its management team is made up of local Turkish professionals with experience in the field of cryptocurrencies and fintech.

Team
The fact that Narkasa has not publicly disclosed the details of its advisory team may be due to the fact that it is a small and medium-sized exchange and does not widely publicize its advisory structure.

Corporate Structuring
Narkasa, as a limited liability company (Anonim Şirketi), adopts a standard Turkish business legal entity structure. Its operations mainly revolve around three major divisions: technology development, marketing and customer support, and the specific division of the departments is not disclosed.

Shareholding structure
The detailed shareholding structure of Narkasa is not disclosed in public information. As a private company, its shareholder information may only be visible in the Turkish Chamber of Commerce registration and not publicly available.

Nature of the Company
Narkasa is a private limited liability company registered as a technology-driven financial services business focused on the operation of cryptocurrency trading platforms.

📊 Enterprise classification

Narkasa belongs to the fintech (FinTech) industry, which is specifically segmented into cryptocurrency exchanges. Its business model is a centralized exchange (CEX), which matches user transactions through a centralized platform.

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segmentation

Narkasa is positioned in the global cryptocurrency trading market, mainly serving local users in Turkey, while attracting some international users. Its market size is small, and its trading volume ranks low among global cryptocurrency exchanges. According to December 2021 data, its 24-hour trading volume is around $2.5 million, which is much lower than that of leading exchanges such as Binance or Coinbase.

💼 service

Narkasa offers the following core services:

• cryptocurrency trading: allows users to buy and sell Bitcoin (BTC), Ethereum (ETH), LINK, Ripple (XRP), and Tether (USDT).

• Fiat currency trading: Through the integration with Turkish banks, it supports deposits and withdrawals in the Turkish Lira (TRY), providing trading pairs for TRY and cryptocurrency.

• Mobile support: iOS and Android apps are available, making it easy for users to trade anytime, anywhere.

• API support: Provide API interface for advanced users to support algorithmic trading.

• User education: Provides basic educational resources to help newbies learn about cryptocurrency trading.

🛡️ Regulatory Information

Regulator
Narkasa is regulated under the laws of the Republic of Turkey, specifically by the Turkish Financial Crimes Investigation Commission (MASAK, Mali Suçları Araştırma Kurulu) which oversees its Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF) compliance.

Regulatory Effective Date
Narkasa has been regulated by the relevant Turkish laws and MASAK since its incorporation in June 2020 until March 31, 2025, when terminated due to the closure of the platform.

Additional Note
Narkasa strictly adheres to Turkey's AML/CTF and Know Your Customer (KYC) policies, requiring users to complete identity verification for transactions and fund operations. The publicly available information does not show that Narkasa holds a financial license in another country or region, so its international operations may be restricted (e.g., it does not support U.S. users).

📈 trading products

Narkasa supports a limited number of trading products, focusing on major cryptocurrencies, including:

• Bitcoin (BTC)

• Ethereum (ETH)

• Chain Link (LINK).

• Ripple (XRP)

• Tether (USDT) trading pairs

include:

• cryptocurrency pairs: such as BTC/USDT, ETH/USDT, etc.

• Fiat currency trading pairs: such as BTC/TRY, ETH/TRY, etc.

The platform does not support derivatives, leveraged trading or complex financial products, and there are fewer trading varieties, which is suitable for users who pursue simple transactions.

💻 trading software

Narkasa offers multi-platform trading support:

• Web: Accessible through https://narkasa.com/, providing a complete view of your trades, including price charts, buy and sell orders, and history.

• Mobile apps: iOS and Android apps are available on the App Store and Google Play, support mobile trading, and have a simple and intuitive interface.

• API interface: Provide developers with APIs to support automated and algorithmic trading.

Designed with user-friendliness at its core, the trading software is suitable for both novice and professional users, but it is relatively basic in functionality and lacks advanced charting tools or complex order types.

💳 Deposit and withdrawal methods

Deposit Methods

• Fiat Deposits: Deposits in Turkish Lira (TRY) are supported via Turkish bank accounts, usually via bank transfer.

• Cryptocurrency deposit: Support BTC, ETH, LINK, XRP, USDT and other cryptocurrencies to be deposited directly into the platform wallet.

Withdrawal method

• fiat withdrawals: Users can withdraw funds to a Turkish bank account subject to KYC verification.

• Cryptocurrency withdrawals: Support for withdrawing cryptocurrencies to external wallets, and the withdrawal fees are low (e.g., the BTC withdrawal fee is 0.0003 BTC, which is lower than the industry average of 0.000643 BTC).

Processing time
Fiat deposits and withdrawals usually take 1-3 business days, and cryptocurrency deposits and withdrawals are usually completed within a few minutes to a few hours, depending on the network confirmation time.

📞 customer support

Narkasa offers the following customer support channels:

• Online Support: A 24/7 online help center covering FAQs is available through the official website (https://narkasa.zendesk.com/).

• Email: Users can contact the support team through support@narkasa.com.

• Social Media: Provide updates and user interaction through Twitter (@narkasacom).

Support languages are mainly Turkish and English, and response times are not disclosed, but user feedback indicates that the support team is efficient and suitable for handling account and transaction-related issues.

🛠️ Core business and services

Narkasa's core business is the operation of a cryptocurrency trading platform, and its specific services include:

• Transaction Matching: Provides an efficient buy and sell matching engine that supports real-time trading.

• Asset management: Provide users with secure digital asset storage, using cold storage and multi-signature technology.

• Fiat Gateway: By partnering with Turkish banks, we provide convenient fiat deposit and withdrawal services.

• User education: Provide the basics of cryptocurrencies through the official website and help center, lowering the entry threshold for newbies.

Its services are characterized by simplicity, security, and localization, with a focus on the Turkish market.

🌐 Technical infrastructure

Narkasa's technology infrastructure is based on modern fintech standards:

• trading engine: a high-performance matching engine that supports fast order execution.

• Security technology: Use cold storage, multi-signature wallets, and regular security audits to ensure the safety of your assets.

• Mobile & Web: Cross-platform compatibility based on HTML5 and native app technologies.

• API support: Provide RESTful API to meet the needs of algorithmic trading.

The specific technology vendor or cloud service provider is not disclosed, but the platform emphasizes that its technology complies with international standards and is regularly independently audited.

⚖️ compliance and risk control system

Compliance measures

• comply with the AML/CTF requirements of MASAK Turkey, and all users are required to complete KYC verification.

• Undergo regular independent international audits to ensure platform security and compliance.

• Comply with Turkish data protection regulations and protect user privacy.

Risk control system

• account security: two-factor authentication (2FA), IP whitelist, and anti-phishing mechanisms are used.

• Transaction Monitoring: Monitor abnormal transactions in real-time to prevent market manipulation or fraud.

• Security of funds: Most of the user's assets are stored in cold wallets to reduce the risk of hacker attacks.

Narkasa's risk control system is centered on defensive security, which is suitable for the operation scale of small and medium-sized exchanges.

📈 Market positioning and competitive advantage

Market Positioning
Narkasa is positioned as a localized cryptocurrency exchange in Turkey for users who want to trade mainstream cryptocurrencies in Turkish lira. Target customers include novice investors and professionals looking for a simple trading experience.

Competitive Advantage

• Low fees: 0.20% (flat rate) for transaction fees, slightly lower than the industry average (0.217% taker fee). Withdrawal fees (e.g. BTC 0.0003) are significantly lower than the industry average (0.000643 BTC).

• Localized services: Deep integration with Turkish banks to provide convenient fiat currency deposits and withdrawals.

• User-friendly: Simple interface and mobile app, suitable for novice users.

• Security: Regular audits and cold storage technology enhance user trust.

Limitations
Compared with the world's top exchanges, Narkasa has a small number of trading pairs, low trading volume, and limited internationalization (e.g., it does not support US users).

🤝 Customer support and enablement

Narkasa empowers users by:

• educational resources: Provides a basic tutorial on cryptocurrencies to help users understand the market and the trading process.

• 24/7 support: Round-the-clock support is available through an online help center and mail.

• Mobile-first: iOS and Android apps let users manage assets on the go.

Its empowerment measures are skewed towards basic users, lacking sophisticated tools or community activities for advanced traders.

🌍 Social Responsibility and ESG

The publicly available information does not show specific Environmental, Social and Governance (ESG) initiatives by Narkasa. As a small and medium-sized cryptocurrency exchange, its social responsibility activities may be limited. There is no record of his involvement in charitable, environmental or community projects. In order to enhance its brand image in the future, Narkasa may need to invest more resources in the ESG field.

🤲 Strategic cooperation ecosystem

Narkasa's strategic cooperation is mainly focused on the following areas:

• banking cooperation: integration with local banks in Turkey to support fiat currency deposits and withdrawals.

• Technical audits: Cooperate with international independent audit firms to ensure platform security.

There is no public record of Narkasa's public cooperation with blockchain projects, payment institutions, or other exchanges. Its cooperation ecosystem is relatively simple, reflecting its localized operation strategy.

💰 Financial health

As Narkasa is a private company, public financial data is limited. The following is the inference:

• source of revenue: mainly from transaction fees (0.20%) and withdrawal fees.

• Trading volume: The 24-hour trading volume in December 2021 was approximately $2.5 million, indicating a smaller revenue scale.

• Capital structure: The registered capital is 5,000,000 Turkish lira, indicating that its initial capital is relatively sufficient.

The announcement of the closure in March 2025 may reflect financial pressures, increased market competition or strategic adjustments, but the reasons for this are not disclosed.

🚀 future roadmap

Narkasa's future roadmap is limited by platform closure announcement:

• short-term plan: As of March 31, 2025, the platform is focused on assisting users with withdrawals and ensuring a smooth closure.

• Long-term outlook: There is no public information on Narkasa's plans to restart or transform. The team may move on to other fintech projects, but there is no exact data to back them up.

If Narkasa resumes operations in the future, it may need to expand its trading varieties, enhance its international capabilities, or introduce innovative products to enhance its competitiveness.

summary Narkasa, as a Turkish cryptocurrency exchange founded in 2020, is characterized by simplicity, security, and localization, serving Turkish lira users. The platform supports mainstream cryptocurrency trading, offers web and mobile services, has competitive transaction fees (0.20%), and strictly adheres to Turkish AML/CTF regulations. However, its limited trading varieties, low trading volume, and lack of internationalization limit its global competitiveness. From April 1, 2025, the platform will be permanently closed, reflecting the financial or market challenges it may face. Based on public data, this report objectively presents the current situation and characteristics of Narkasa, providing users with a comprehensive reference.