Crypto Asset Listing and Delisting Procedure
1. Purpose
This procedure has been prepared with the aim of determining how the listing and delisting processes of crypto assets to be traded on Paribu Kripto Varlık Alım Satım Platformu A.Ş. ("Paribu") will be carried out. The fundamental purpose of the procedure is the protection of investors, ensuring transparency in transactions, market security, and the establishment of a fair and objective evaluation process.
2. Scope and Basis
This procedure explains how crypto assets that are requested to be listed on the platform will be evaluated, on what conditions they will be added to the list, in which cases they will be removed from the list or temporarily suspended from trading. In addition, the responsibilities of the units involved in this process and the principles regarding how users will be informed are also included within the scope of the procedure.
This procedure has been prepared, in accordance with the obligation to establish a written procedure relating to the listing and delisting processes of crypto assets, pursuant to the Capital Markets Law No. 6362 and the secondary regulations issued under the Capital Markets Law in relation to crypto assets.
In order to provide its users with a transparent, reliable and sustainable trading environment, Paribu, through this procedure, openly shares with the public both the evaluation criteria and the operational processes relating to the listing of crypto assets on the platform, their delisting, suspension and resumption of trading.
3. Definitions
| Term | Definition |
|---|---|
| Paribu | Paribu Kripto Varlık Alım Satım Platformu A.Ş. |
| Platform | The trading environment operated by Paribu Kripto Varlık Alım Satım Platformu A.Ş. on which crypto asset trading services are provided. |
| Listing | The process by which a crypto asset is opened for trading on the Platform. |
| Delisting | The closure to trading of a crypto asset traded on the Platform and its removal from trading pairs. |
| Suspension | The temporary halting of transactions in respect of a crypto asset. |
| Law | Capital Markets Law No. 6362. |
| SPK | Capital Markets Board (Sermaye Piyasası Kurulu). |
| Communiqués | The Communiqué No. III-35/B.1 on the Principles Regarding the Establishment and Operation of Crypto Asset Service Providers, and the Communiqué No. III-35/B.2 on the Working Procedures and Principles and Capital Adequacy of Crypto Asset Service Providers, both published by the Capital Markets Board. |
| MKK | Central Securities Depository (Merkezi Kayıt Kuruluşu A.Ş.). |
4. General Principles
4.1. General Principles Regarding the Crypto Asset Listing and Delisting Processes
All processes regarding the listing of crypto assets on the platform, their delisting, suspension or reopening for trading are carried out in accordance with the following fundamental principles:
| Principle | Description |
|---|---|
| Transparency | Listing and delisting decisions are taken on the basis of publicly available, objective and auditable criteria. Users are informed in advance about important changes. |
| Investor Protection | The aim is for crypto assets to be traded in a secure, honest and fair trading environment. The protection of users' interests is a priority throughout the process. |
| Objectivity and Impartiality | Evaluations are carried out according to criteria determined from technical, legal and financial perspectives. The process is conducted without regard to personal or institutional interests. |
| Sustainability and Compliance | Listing and delisting processes are carried out in compliance with the relevant legal regulations, SPK legislation, international standards and Paribu's internal regulations. |
| Traceability and Documented Process | All applications and decision processes are documented in writing, and traceability is ensured. Where necessary, they are archived in such a way that they can be presented to the relevant regulatory authorities. |
| Risk-Based Approach | In evaluations as to whether a crypto asset will continue to be traded, market risk, operational risk, legal risk, technology risk and reputational risk are taken into account. |
4.2. Listing Principles
4.2.1 Listing Evaluation Process
The listing of crypto assets at Paribu is carried out in such a way as to cover both application-based evaluations and systematic market analyses carried out by Paribu. All projects are reviewed using a comprehensive approach that brings together multidimensional analysis, scoring methodology and qualitative evaluation components. Evaluation results are prepared by taking into account a wide range of criteria, including financial data, technical infrastructure, the community dynamics of the relevant crypto asset and compliance with regulations. These results are decided upon by the Paribu Listing Committee established by the Board of Directors.
The current list of crypto assets considered eligible for listing within the framework of the listing and delisting procedure, together with the Crypto Asset Listing and Delisting Procedure, is published on Paribu's website. Lists published in the last six months are made available so that historical retrospective searches can be carried out.
The Crypto Asset Listing and Delisting Procedure is reviewed by Paribu at least once a year. Paribu monitors the financial strength of the crypto assets it lists and of the company or project owner that carried out the initial sale or distribution of these crypto assets, cybersecurity vulnerabilities, compliance with domestic and foreign legislation and any technological or infrastructural problems that may give rise to user grievance, and updates the listing procedure based on its findings.
Listed crypto assets are notified by Paribu to the Central Securities Depository (Merkezi Kayıt Kuruluşu A.Ş.).
4.2.1.1. Financial Indicators and Market Dynamics
| Criterion | Description |
|---|---|
| Token Economics (Tokenomics) | The supply-demand balance of the crypto asset, the transparency of the total supply and distribution structure, inflation control mechanisms and the existence of price determination algorithms are reviewed. |
| Market Capitalisation, Volume and Liquidity | The daily transaction volume, the number of platforms on which it is traded and the level of liquidity on these platforms are evaluated. The general market interest in the project is taken into account together with market capitalisation. |
| Supply Structure | The amount of supply in circulation, whether the total supply is capped and the planning of this supply over time are analysed. |
| Wallet Distribution | The distribution balance of tokens in circulation among investors, concentration risk and the centralisation status are evaluated. |
| Price Performance | Indicators such as the historical price movements of the asset, the level of volatility and price stability are taken into account. |
| Total Value Locked (TVL) | If the crypto asset is part of an ecosystem such as DeFi, NFTs or Layer-2, the total value locked (TVL) in these areas is analysed. |
| TVL / Market Cap Ratio | The economic efficiency and real use potential of the project is evaluated by taking into account the ratio of TVL to market capitalisation. |
| Transaction Speed and Costs | Technical performance indicators such as the transaction confirmation time of the relevant crypto asset, the level of efficiency in the blockchain infrastructure and transaction fees are taken into account. |
4.2.1.2. Market Access and Quality
| Criterion | Description |
|---|---|
| Market Diversity | The number of centralised crypto asset trading platforms on which the crypto asset is listed and the diversity of trading pairs on these platforms are taken into account. Wide market access is evaluated positively in terms of the asset's liquidity and market acceptance. |
| Platform Quality and Market Reliability | Even if the trading volume of the crypto asset is high, it is reviewed whether this volume is formed on reliable platforms subject to regular audit, whether it bears suspicion of artificial trading (wash trading) and whether the market is free from manipulation. In addition, it is evaluated whether the relevant crypto asset bears structural risks that may give rise to price manipulation or user grievance. Where such a risk exists, it is also taken into account whether preventive or corrective measures may be applied by Paribu. |
| Custodial Suitability | Whether the crypto asset is of a nature capable of being held in custody by crypto asset custody institutions authorised by the Capital Markets Board is taken into account within the scope of the evaluation. |
4.2.1.3. Community and Media Indicators
| Criterion | Description |
|---|---|
| Community Size and Engagement | The number of followers, level of activity and user engagement on social media and communication channels such as Twitter, Telegram, Discord, Reddit and Medium are evaluated. Organic growth tendencies and community dynamism are taken into account. |
| Community Management and Communication Quality | The extent to which the project displays a transparent, regular and participatory attitude in its communication with its community; its responses to user feedback; and its crisis management and information practices are reviewed. |
| Local and Global Interest | User interest in the crypto asset in the Türkiye market, together with its global recognition, awareness and number of users, is taken into account. |
| Fair Governance Structure | The smart contracts and protocol structure of the crypto asset must not be designed in such a way as to grant the project owner unilateral and extraordinary powers of intervention. The level of decentralisation and the transparency of governance mechanisms are important. |
| Rights Granted to Users | If the crypto asset grants any financial, managerial or technological rights to its users, the nature, applicability and sustainability of these rights are taken within the scope of the evaluation. |
4.2.1.4. Technical and Developer Activity
| Criterion | Description |
|---|---|
| Developer Activity | The level of activity on platforms such as GitHub or similar developer platforms, the frequency of development, open-source contributions, the content of code updates and the number of active developers are evaluated. |
| Documentation Quality | The clarity, integrity and applicability of the technical content of whitepapers and other technical documents are taken into account. The documents are expected to provide adequate information regarding the project's vision, technological architecture and token economy. |
| Independent Evaluation Scores | The technical and security evaluation scores received by the project from third-party rating institutions (e.g. CertiK, TokenInsight, etc.) are taken into account. |
| Smart Contract Content and Accuracy | Depending on the type and legal nature of the crypto asset, the minimum elements that must be present in smart contracts (e.g. supply cap, lock mechanisms, governance rights, transfer restrictions, etc.) are reviewed. It is preferred that contracts have been audited and that they have been published in a publicly verifiable manner. |
| Custodial Suitability | Whether the technical infrastructure of the crypto asset is of a nature capable of being integrated with secure custody services (such as cold wallets) is evaluated. |
| Technical Compliance Regarding Representational Rights | If the relevant crypto asset represents any other asset (security, commodity, physical asset) or legal right, whether this representation relationship is established in a transparent and traceable manner through the technical infrastructure, and the effective usability of these rights by the user, are taken as the subject of evaluation. |
4.2.1.5. Security and Transparency
| Criterion | Description |
|---|---|
| Blockchain Security Audits | It is preferred that the blockchain infrastructure to which the crypto asset is connected, or its smart contracts, has been audited by independent security audit firms and that the audit reports have been shared publicly. |
| Third-Party Security Scores | Security scores obtained from independent platforms such as CertiK, Hacken and Immunefi, possible vulnerability disclosures and records of past security incidents are within the scope of the evaluation. |
| Transfer Traceability | The crypto asset must not be designed in such a way as to enable anonymous transfers by systematically concealing user wallet addresses. Transfer transactions are expected to be transparently traceable by regulatory authorities and custodial service providers. |
| Traceability | The transaction history of crypto assets must be traceable on the publicly accessible blockchain structure in respect of transactions, transaction blocks and transaction directions. Where the level of traceability is limited, this situation is also evaluated separately. |
| Forking and Security Risk | Cases in which crypto assets have forked in the past and the potential risks created by these processes from the perspective of security, integrity and the investor are taken into account. The security of alternative chains arising after a fork and whether they have created user grievance are also analysed. |
4.2.1.6. Regulatory Compliance
| Criterion | Description |
|---|---|
| Project Owner and Initial Issuance Evaluation | The matters of whether the project owner or the person/institution that initially issued the crypto asset: 1) does not appear on national and international sanctions lists relating to the laundering of proceeds of crime, terrorist financing and Law No. 7262; and 2) where determinable, has not been the subject of any allegation, investigation or conviction relating to fraud, market fraud and capital market offences defined in the Capital Markets Law No. 6362 — are within the scope of the evaluation. |
| Legal Transparency and Regulatory Compliance | The legal structure of the project is expected to be clear, definite and verifiable; the rights granted to the user are expected to be structured in a contractually and technically definite and sustainable manner. Projects that contain privacy-based structures or have technical security vulnerabilities are not accepted. |
| Compliance with SPK Regulations | 1) Pursuant to Article 13 of the Capital Markets Law No. 6362, crypto assets accepted as capital market instruments by the Capital Markets Board must be of a structure that meets the principles, fundamentals and responsibilities to be determined by the SPK. 2) Likewise, for crypto assets that, by their subject and nature, fall within the regulatory area of a public authority other than the Capital Markets Board (e.g. BDDK, TCMB), compliance with the legislation of the relevant institutions is required. Smart contracts are expected to be designed to ensure such compliance. |
| Legal Prohibitions and Restrictions | No restriction or prohibition must have been imposed by the relevant authorities in Türkiye or abroad regarding the issuance, or the buying and selling, of the assets on which the crypto assets being evaluated are based. The assets must not bear the risk of being used in unlawful transactions. |
| Restriction on Related Parties | Crypto assets identified as belonging to the persons and institutions listed below are not listed unless expressly permitted by the Capital Markets Board: 1) Paribu itself; 2) members of the board of directors, the general manager or assistant general managers of Paribu, and their spouses and children under their custody; 3) companies in which these persons hold, directly or indirectly, 10% or more of the shares; 4) other natural or legal persons who have an employment, contractual or de facto relationship with these persons and who are determined by the SPK to be acting in concert. |
| Compliance with Domestic and Foreign Regulations | The legal status of the crypto asset in Türkiye and in the other countries in which it operates, whether permission or approval from any regulatory authority is required for issuance, whether such permission has been obtained where applicable, and whether it constitutes a violation of the relevant regulations are reviewed. |
| General Regulatory Compliance | The crypto asset is expected to be in compliance with all regulations valid in Türkiye and internationally, in particular Capital Markets Board regulations. |
4.2.1.7. Fan Token Evaluation
| Criterion | Description |
|---|---|
| Rights Provided to Token Holders | The privileges offered to fan token holders are evaluated in terms of interaction opportunities such as voting rights, access to special content and event participation. The concreteness, sustainability and potential to create added value for token holders of the rights provided are taken into account. |
| Club and Brand Strength | The reputation, brand value, number of fans of the sports club issuing the fan token, and the engagement potential of this audience in digital environments, are analysed. The general reliability and long-term reputation of the club are also among the elements of evaluation. |
| Fan Ecosystem and Visibility | The interaction of the fan token with the targeted fan audience, its reach in digital channels, fan loyalty and visibility on social media platforms are evaluated. Public perception and the level of communication of the project owners with the community are also taken into account. |
4.3. Listing Committee and Its Duties
4.3.1. Listing Committee
In order to ensure that the evaluation processes of crypto assets to be traded on the platform are carried out in accordance with the principle of integrity and audit, a Listing Committee is established by the board of directors.
The principles regarding the structure of the committee are as follows:
- The committee consists of at least three (3) members.
- The majority of the members must have at least seven (7) years of professional experience in relevant areas such as finance, law, information technology, information security or distributed ledger technologies.
- At least one of the committee members must be a member of the company's board of directors.
- Committee members may be selected from outside the company's personnel where necessary. However, members who are company personnel are subject to the qualifications and obligations set out in the applicable regulations.
- Committee members must not have any criminal record obstacles; they must not be associated with financial misconduct, capital market offences, bankruptcy or similar situations.
The appointment and resignation of committee members are notified to the relevant public authorities, together with their reasons, within the legal time period under the legal obligations.
4.3.2. Duties of the Listing Committee
The Listing Committee carries out the processes relating to the listing of crypto assets on the platform, their delisting, suspension or resumption of trading. Its duties and responsibilities are as follows:
| Duty | Description |
|---|---|
| Decision-Making | The Committee, in line with the provisions of this procedure and the relevant legislation, takes decisions on the listing or delisting of a crypto asset. The decisions taken are made on the basis of concrete evaluation criteria, with the necessary care and diligence. |
| Preparation of Evaluation Reports | A separate evaluation report is prepared for each crypto asset. In this report, the compliance of the relevant crypto asset with the criteria specified in the procedure and with current regulations is evaluated. Evaluations regarding the delisting of an existing crypto asset are also carried out within the same scope. The reports are recorded and archived to be shared with the authorities where necessary. |
| Managing the Implementation Process | Listing or delisting decisions are put into practice in line with the reports prepared by the committee. These decisions are integrated into the company's official transaction processes, and the necessary integrations are carried out by the technical teams. |
4.3.3. Reporting and Legal Notifications
The decisions taken and reports produced by the Listing Committee are shared with regulatory authorities and legal authorities in compliance with the legislation. Where necessary, action is taken in accordance with the legal obligations.
4.3.4. Periodic Evaluation
All crypto assets that continue to be traded on the platform are re-analysed and scored on a quarterly basis (every three months) in line with the determined Listing Evaluation Criteria. These periodic evaluations are carried out as part of the post-listing monitoring and risk management process, and the scoring results obtained are recorded and stored ready for audit.
The following actions may be taken in line with the evaluation results:
| Action | Description |
|---|---|
| Inclusion on Watch List | Crypto assets scoring below specified thresholds may be placed on the in-house watch list where they bear risk indicators. These assets are followed more closely and users are informed. |
| Status Maintained | Crypto assets that have not seen a serious decline in performance, that do not bear a security risk and that continue to meet the basic criteria maintain their existing trading status. |
| Removal of Box Label | Restrictive warnings (e.g. "box" label or transaction restrictions) applied for projects identified as showing high performance as a result of the evaluation may be removed. |
| Initiation of Delisting Process | A delisting process is initiated for projects whose performance has clearly declined, where security vulnerabilities have been identified or that have significantly lost the listing criteria. This process is carried out in line with the decision of the Listing Committee. |
4.3.5. Delisting Principles
Crypto assets traded on the platform may be delisted in the event that certain situations arise. The delisting process is carried out for the purposes of investor protection, market security, fulfilment of legal obligations and operation of internal control mechanisms.
4.3.5.1. Reasons That Initiate the Delisting Process
In the event that any of the following situations are identified, the delisting process may be initiated for the relevant crypto asset:
- Violations of legal regulations, instructions from regulatory authorities or actions intended to mislead the public,
- Long-term low transaction volume, a serious decline in user interest,
- The emergence of critical security vulnerabilities or cyber attacks in the project infrastructure,
- Falling below the minimum score thresholds as a result of periodic evaluation,
- Having been widely delisted on other major and reputable crypto asset trading platforms.
4.3.5.2. Ordinary Delisting Process
The ordinary process is carried out through the following steps:
- Inclusion on Watch List:
Crypto assets that do not meet the listing criteria are first placed on the internal watch list and subjected to weekly analysis.
- Preparation of an Evaluation Report:
For assets that continue not to meet the criteria, an evaluation report is prepared by the Listing Committee.
- Committee Decision:
As a result of the evaluation, the delisting process is initiated by decision of the Committee.
- User Announcement:
The dates on which deposit transactions will be halted and trading markets will be closed are announced through publicly available announcement channels at least 7 days in advance.
Termination of Transactions:
- On the dates indicated, deposit transactions are halted.
- Buy/sell transactions are closed and active orders are cancelled.
- Users are given a certain period of time to withdraw their assets.
- Where there is a technical requirement, network migration or bridge support may be provided.
Notification:
Delisted crypto assets are notified to the Central Securities Depository (Merkezi Kayıt Kuruluşu A.Ş.).
4.3.5.3. Cases Requiring Immediate Delisting
In the event that any of the following situations are identified, the relevant crypto assets may be immediately delisted without waiting for the 7-day period, and all buy, sell and transfer transactions may be halted:
- The identification that the relevant crypto asset is contrary to the legislation, or the receipt of an official request to that effect from public authorities or judicial authorities,
- The crypto asset or related infrastructure not being technically supportable by the custodial institutions,
- Non-compliance with the principles and obligations determined by the SPK in respect of capital market instruments issued,
- The smart contracts not containing the necessary minimum elements or being faulty,
- The issuance or buying and selling of the underlying asset being legally prohibited,
- Containing structures that grant extraordinary powers to the project owner,
- Cases where the project owner has acted contrary to AML/KYC regulations, appears on prohibited lists or has connections with crime,
- Containing transparency-violating designs such as wallet hiding or untraceable transfers,
- Inability to be securely held in cold wallets,
- The crypto asset belonging to the persons or institutions listed below:
- Paribu itself,
- Members of the board of directors, general manager, assistant general managers, and their spouses and children under their custody,
- Companies in which these persons hold 10% or more of the shares,
- Other natural or legal persons determined by the SPK to be acting in concert.
4.3.5.4. Global-Scale Delisting
If a crypto asset has been widely delisted by reputable crypto platforms worldwide, Paribu may delist the relevant asset, with public announcement at least 1 day in advance, without waiting for the 7-day period.
4.3.5.5. Immediate Implementation in Extraordinary Cases
Due to serious technical, legal or systemic extraordinary situations arising in global markets, the relevant crypto asset may be directly delisted without awaiting a committee decision and without applying the prior notification period.
4.3.5.6. User Information and Asset Redistribution Process
When a decision is taken to delist a crypto asset from the platform, it is essential that users are able to access information in a timely and clear manner. This process is carried out in accordance with the principles set out below:
4.3.5.6.1. Notification to Users
In ordinary delisting cases, the time at which buy/sell and deposit transactions in the relevant crypto asset will be halted, the last day of the withdrawal period and the other steps to be applied are announced via the registered communication channels of the users at least seven (7) days in advance.
If a global-scale delisting decision has been taken or an extraordinary situation has arisen (e.g. security breach, legal obstacle, network collapse), the halting of transactions and removal from the list may be applied, provided that users are informed at least one (1) day in advance. In delistings carried out due to extraordinary situations arising in global markets, even the one (1) day period may not be awaited.
4.3.5.6.2. Process Steps
- Termination of Buy/Sell Transactions:
On the date indicated in the announcement, buy/sell transactions for the relevant crypto asset are halted. Users are advised to cancel open orders; orders that are not cancelled are automatically cancelled by the system within the time notified, and the assets are returned in kind to user accounts.
- Closure of Deposit Transactions:
On the date announced, deposit transactions for the relevant crypto asset are completely halted.
- Withdrawal Period:
A reasonable period is granted to users so that they can withdraw the relevant crypto asset to a secure wallet or to another platform. During this period, technical support is provided and the necessary information is provided to ensure that the process is completed without issue.
- Alternative Redistribution:
At the end of the relevant withdrawal period, Paribu may convert crypto asset balances not withdrawn by users into Turkish lira on the basis of the average price on the Paribu market, taking into account market conditions and in favour of the user. This operation is applied only:
- Where it has been clearly announced,
- Where the user has not made a withdrawal within the period,
- Where there are operational requirements.
The converted amounts are transferred to the user's TRY balance after deduction of any commission and operational cost deductions.
- Final Delisting:
With the expiry of the withdrawal period, the relevant crypto asset is completely removed from the trading list and may no longer be the subject of any transaction on the platform. As a technical operation requirement, the hot wallet infrastructure relating to the asset is closed.
4.3.5.6.3. Implementation in Extraordinary Cases
In urgent situations such as an extraordinary security vulnerability, regulatory request or systemic crisis, Paribu may remove the relevant crypto asset from the trading list without a waiting period. In this case, users are informed as soon as possible and all necessary technical and operational measures are taken to prevent grievance.