Turkey Blocks PancakeSwap in Crypto Website Crackdown
Key Takeaway: Turkey’s Capital Markets Board has now blocked 46 websites offering unauthorized crypto services, including the major decentralized exchange PancakeSwap. This move is part of the country’s broader effort to tighten regulation in the digital asset sector.
Turkish Authorities Take Strong Action
Türkiye’s top financial regulator, the Capital Market Board (CMB), has blocked a number of websites for providing “unauthorized cryptocurrency services” to locals.
In an announcement on Thursday, CMB confirmed that it had cracked down on a total of 46 websites. The list includes big names like PancakeSwap (a major decentralized exchange) and crypto analytics platform Cryptoradar.
The regulator made it clear that it was using its powers under Türkiye’s Capital Markets Law to shut down the platforms.
Impact on PancakeSwap
PancakeSwap is one of the huge financial companies in crypto. It reported over $325 billion in trading volume just in June, putting it alongside giants like Uniswap and Curve. Right now, it’s still unclear exactly how Turkish authorities determined PancakeSwap was offering “unauthorized” services within the country.
Global Trends in Crypto Regulation
In fact, regulators and authorities in certain countries have acted to block websites offering crypto services, often saying the companies had not been registered or were facilitating illicit transactions. The governments of Kazakhstan, Venezuela, the Philippines, Russia and others have previously cracked down on similar websites.
Strengthening Crypto Rules in Turkey
Turkey’s Capital Market Board has actually had full control over crypto service providers since March. That’s when it set up a new regulatory framework with specific standards and requirements. And since February, Turkish crypto users must provide ID info for transactions over roughly $425.
While Turkishese can still buy, hold, and trade cryptocurrencies, using them for payments has been banned since 2021. Interestingly, a local law firm was set to challenge this ban in a key hearing back in May.
