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Turkey’s financial regulator has unleashed one of its most sweeping crackdowns yet on the cryptocurrency sector. Turkey’s Capital Markets Board (CMB) has reportedly blocked access to 46 crypto websites, including the second-largest global decentralized exchange, PancakeSwap. The Capital Markets Board (CMB), Turkey’s main financial watchdog, said in an official announcement that the platforms were offering “unlicensed crypto asset services” to Turkish residents—an action deemed a violation of the country’s Capital Markets Law. The list of banned entities includes a mix of crypto exchanges, trading apps, and even information-based platforms like Cryptoradar, a popular cryptocurrency price comparison site. PancakeSwap alone saw over $325.2 billion in trading volume in June, making it a major player in the decentralized finance (DeFi) ecosystem alongside Uniswap and Curve. Turkish regulators now consider the platform’s operations illegal despite its global status. The CMB did not reveal the individuals who violated the regulations. It’s also not said whether the targeted platforms had received prior warning or an opportunity to comply with local laws before the shutdown. PancakeSwap had not made a public statement at the time of this writing. This marks a radical change in Turkey’s approach to crypto services and suggests a move toward centralized control in an industry meant to be borderless and decentralized. Turkey tightens crypto oversight The move against crypto sites is part of a broader push by Turkish regulators to establish order and legal clarity in a market that has expanded rapidly but in a largely unregulated fashion. Turkey introduced new regulations aimed at curbing crimes like money laundering and terrorism financing. Under these rules, crypto platforms are required to identify and verify their users, particularly when transactions involve funds from newly unregistered wallet addresses. On the other hand, users are expected to give a transaction description of at least 20 characters…

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Filed under: News - @ July 5, 2025 4:23 am