Thomas Daniels
Turkey’s Capital Markets Board, the nation’s financial overseer, has mandated the blocking of 46 websites “providing unauthorized crypto asset services,” including decentralized exchange PancakeSwap and analytics platform Cryptoradar. The intervention, announced via a Thursday notice, cites the Capital Markets Law as the legal basis for restricting resident access.
Despite PancakeSwap reporting an estimated $325 billion in trading volume during June—positioning it among the top decentralized exchanges alongside Uniswap and Curve—the regulatory body offered no clarity on how it determined PancakeSwap was operating without authorization.
Cointelegraph confirmed that it reached out to a PancakeSwap spokesperson, but no response had been received by publication time.
This regulatory action aligns with global trends, as governments in Kazakhstan, Venezuela, the Philippines, Russia and elsewhere have implemented similar blocks, typically citing concerns over unregistered operations or illicit financial flows.
Strengthening Crypto Oversight in Turkey
Since March, Turkey’s Capital Markets Board has exercised full regulatory authority over crypto‑asset service providers targeting Turkish residents, following the introduction of a structured compliance framework. Beginning in February, individuals have been obligated to submit verifiable identification for transactions equating to approximately $425 or more. While Turkish residents retain the right to buy, hold and trade cryptocurrencies, digital assets were barred from being used for payment purposes in 2021. A Turkish law firm challenged this ban in a preliminary hearing held in May.
