Turkey Blocks Access to PancakeSwap and 45 Other Crypto Websites
Turkish financial regulators have taken a firm stance on unauthorized digital asset services by blocking access to decentralized exchange PancakeSwap and 45 other crypto-related websites. This move is part of a broader crackdown on platforms that provide crypto services to residents without the required authorization.
In a bulletin issued on July 3, the Capital Markets Board (SPK) cited provisions of Turkey’s Capital Markets Law as the basis for legal action against the targeted websites. Among the blocked sites were Cryptoradar and various investment and trading platforms, reflecting Turkey’s tightening oversight of the crypto sector.
PancakeSwap, one of the world’s largest decentralized exchanges with over $325 billion in trading volume for June, was included in the list of blocked platforms. It remains unclear how Turkish authorities identified the platform’s direct offering of services in the country.
Since March, regulatory changes have granted the SPK full authority over crypto asset service providers offering products to Turkish residents. This includes enforcing standards and compliance requirements to ensure the protection of investors in the digital asset space.
Despite the ban on using cryptocurrencies for purchases in 2021, Turkish residents are still allowed to buy, hold, and trade digital assets. However, stricter regulations have been implemented, such as the requirement for crypto users to provide identifying information for transactions above approximately $425.
Similar actions have been taken by countries like Kazakhstan, Venezuela, Russia, and the Philippines, which have also blocked crypto-related websites due to unauthorized operations and illicit transaction risks.
Turkey’s regulatory approach towards digital assets is part of its broader strategy to formalize and control the growing adoption of cryptocurrencies within its borders. By enforcing stricter regulations and cracking down on unauthorized platforms, Turkish regulators aim to create a safe and compliant environment for crypto investors and traders.
Mentioned in this article:
PancakeSwap, Cryptoradar