Turkey blocks PancakeSwap and 45 crypto websites amid sweeping regulatory crackdown
In a major move shaking the cryptocurrency world, Turkey's financial regulators have blocked access to PancakeSwap and 45 other crypto websites. The crackdown on unauthorized digital asset services signals a new phase in Turkey’s effort to control and regulate crypto activity. Users and industry leaders are left questioning what this means for the future of cryptocurrency in the country.
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Turkey’s Capital Markets Board targets unauthorized crypto platforms
On July 3, Turkey’s Capital Markets Board (SPK) took legal action against PancakeSwap and several other platforms. They cited Turkey’s Capital Markets Law, arguing these sites were providing crypto services to residents without proper authorization. PancakeSwap alone reported more than $325 billion in trading volume for June, highlighting the impact of this decision. The move is a direct response to concerns about unregulated financial activities.
Why were these platforms blocked?
The SPK is clamping down on any crypto firms operating in Turkey without their approval. Blocked sites included not just PancakeSwap, but also Cryptoradar and various other investment and trading platforms. The Turkish government wants to make sure any platform offering crypto asset services to residents meets strict compliance standards under new rules introduced since March.
Turkey’s firm stance: crypto payments banned, but trading allowed
Turkey has banned the use of crypto for direct payments since 2021, but citizens can still buy, hold, and trade digital assets. In 2024, rules got even stricter: any crypto transaction above about $425 now requires users to provide ID. By bringing all platforms under SPK supervision, authorities hope to stop illicit activity and formalize how digital assets are managed in the country.
Turkey joins a global trend of restricting crypto websites
Turkey’s crackdown on PancakeSwap and 45 crypto websites follows similar moves by countries like Kazakhstan, Venezuela, Russia, and the Philippines. All have blocked crypto platforms citing unauthorized operations and the risks of illegal transactions. Turkey’s regulatory approach is aimed at protecting users while managing the surging popularity of digital assets, signaling a new era for the nation’s crypto landscape.
