Turkey’s top financial watchdog has moved to restrict access to major crypto websites, including leading decentralized exchange PancakeSwap, as part of a sweeping enforcement campaign against unregistered digital asset services.
In a statement released Thursday, the Capital Markets Board announced legal action against 46 platforms accused of offering unauthorized crypto products to Turkish residents. The regulator cited provisions under the Capital Markets Law that grant it authority to block access to websites operating without proper approvals.
Cryptoradar, an aggregator of crypto exchange data, was also among the blocked domains. Authorities said the measures were intended to protect consumers and uphold national financial standards.
PancakeSwap Among World’s Largest Decentralized Exchanges
The enforcement action has drawn attention given PancakeSwap’s prominence in the global crypto ecosystem. In June alone, the platform processed more than $325 billion in trading volume, ranking it alongside Uniswap and Curve as one of the most-used decentralized exchanges.
Officials did not specify which activities prompted the designation of PancakeSwap’s services as unauthorized.
Similar crackdowns have unfolded across other jurisdictions where governments have accused crypto websites of operating without registration or facilitating unlawful transactions. In recent years, Kazakhstan, Russia, Venezuela, and the Philippines have all blocked access to popular digital asset platforms, citing concerns about fraud and capital flight.
New Rules Expand Oversight of Turkish Crypto Market
The action is part of a broader regulatory tightening underway in Turkey. Since March, the Capital Markets Board has exercised full oversight of crypto service providers, implementing a framework that requires firms to meet registration and compliance standards.
Additionally, rules introduced in February mandate that crypto users provide identifying information for transactions exceeding approximately $425. While Turkish citizens can legally buy, hold, and trade digital currencies, using them for payments has been prohibited since 2021.
A local law firm has challenged the payment ban in court, with a hearing scheduled earlier this year.
As enforcement accelerates, market participants say further restrictions could reshape how digital assets are used and traded in one of the world’s most active crypto markets.
Quick Facts
- Turkey blocked 46 crypto websites, including PancakeSwap, citing unauthorized services.
- PancakeSwap processed over $325 billion in trades last month alone.
- Regulations now require Turkish users to verify identity for crypto transactions above $425.
