Turkey Bans PancakeSwap, 45 Other Crypto Platforms

Generated by AI AgentCoin World
Saturday, Jul 5, 2025 3:08 am ET1min read
CAKE
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The Turkish Capital Markets Board (CMB) has taken a significant step in its regulatory crackdown on cryptocurrency platforms by blocking 46 websites, including the popular decentralized exchange

PancakeSwap
. The move, announced in a Thursday notice, cites provisions of Turkey’s Capital Markets Law, which aims to protect investors and maintain market stability.

PancakeSwap, which handled over $325 billion in trading volume in June, has become the first decentralized exchange to be banned in Turkey. The CMB's action against PancakeSwap and other platforms like Cryptoradar and Exchange Investr, along with more than 40 others, underscores the regulator's commitment to enforcing its new licensing requirements and anti-money laundering (AML) policies.

The CMB has not yet released specific criteria for its enforcement actions, nor has PancakeSwap commented on the ban. However, this move is part of a broader strategy by Turkish regulators to enhance market stability and investor protection. The decision to ban PancakeSwap follows the regulatory authority granted to the CMB last year, allowing it to block unlicensed foreign cryptocurrency service platforms targeting Turkish users.

On June 28, Turkey published new, stricter rules for cryptocurrency in the Official Gazette. Under Law No. 5549, the regulators introduced new transfer limits, mandatory waiting periods, and AML policies to tighten CMB oversight over crypto. These regulations aim to mitigate risks in the crypto space and ensure greater transparency and security in transactions.

The ban on PancakeSwap and other platforms restricts direct access for Turkish users, potentially pushing them towards licensed, centralized exchanges or less secure methods like VPNs to bypass restrictions. This could reduce decentralized finance (DeFi) participation and stifle innovation within Turkey’s crypto community.

It is crucial for all crypto service-providing platforms to seek proper approval from official regulators to continue operations in Turkey. This enforcement sets a precedent for other exchanges and platforms to comply with the Turkish regulatory regime. The CMB and PancakeSwap have yet to deliver a comment regarding the enforcement.