Turkey Blocks 46 Crypto Websites Including PancakeSwap For Non-Compliance

Turkey's Capital Markets Board (CMB) has taken a significant regulatory step by blocking access to 46 crypto-related websites, including major decentralized exchanges like PancakeSwap and Cryptoradar. This action is part of a broader effort to enforce compliance with the Capital Markets Law No. 6362, which mandates that all crypto asset service providers obtain licenses and adhere to transparency requirements. The CMB cited Article 99/3 and Article 128/1(a) of the law, which authorize the regulator to block unlicensed financial service providers. Internet service providers in Turkey have been instructed to block not only the websites but also related applications and social media outlets that offer crypto-related services without proper registration.

This crackdown represents a notable shift in Turkey's regulatory approach, as it is the first time decentralized exchanges have been targeted. Previously, regulatory actions were primarily directed at centralized exchanges. The enforcement action against PancakeSwap, one of the leading decentralized exchanges globally, underscores the CMB's commitment to ensuring that all crypto platforms, regardless of their structure, comply with local laws. The platform was accused of providing unauthorized crypto asset services, which is a violation of the new market law.

The CMB's actions are part of a broader regulatory framework that was expanded in March, requiring all crypto asset service providers to obtain licenses and provide monthly statements of customer accounts and full disclosure of user transactions. Activities such as token trading, staking, and yield farming are now considered capital market activities and must be approved by regulators. By operating without the necessary licenses, PancakeSwap and other platforms have been flagged for non-compliance with Turkey's legal financial infrastructure.

The tightening of regulations comes at a time when the adoption of cryptocurrencies in Turkey has surged. Factors such as currency devaluation and high inflation have driven citizens to seek stability in digital assets. Despite the regulatory crackdown, crypto trading continues to be a popular activity among Turkish residents. The CMB has blocked over 60 sites, including both forex and crypto service providers, as part of its enforcement efforts. However, the use of digital assets as a means of payment was prohibited in 2021, and this ban was challenged in court in May 2025.

Regulated crypto activity continues to thrive in Turkey. In March 2025, Bank Pozitif collaborated with Taurus to launch compliant digital asset services. The CMB has indicated that it will take additional enforcement measures to align Turkish crypto regulation with international practices. This includes the potential scrutiny of other decentralized exchanges like Uniswap, which could face similar actions if found to be in breach of Turkish licensing laws. The CMB's actions reflect a growing trend of stricter regulation in the crypto sector, aimed at ensuring compliance and protecting investors.

This regulatory move underscores Turkey's persistent efforts to tighten control over cryptocurrency activities, mirroring practices seen in other nations. While cryptocurrency holdings and trades remain lawful, market dynamics react to compliance escalations. The block on PancakeSwap and others impacts local DeFi access, though Turkish residents can still trade cryptocurrencies. The CMB's decision stresses market stability and investor protection, aligning with global trends of decentralized exchange regulation.

With crypto bans on payments since 2021, Turkey enforces stricter identity disclosures for transactions over $425, influencing DeFi operations. Analogous to regulations in countries like Russia and Venezuela, similar actions increase compliance demands for crypto activities. The compliance demands may intensify challenges for crypto businesses operating in Turkey. Amidst increased regulation, the market responds with cautious optimism about potential adaptations. Regulatory clarity could reshape the future landscape of cryptocurrency exchanges.