Turkey Blocks Access To PancakeSwap, 45 Other Crypto Platforms – FinanceFeeds
Turkey’s financial watchdog has moved to block 46 crypto-related websites, including major decentralized exchange PancakeSwap, as part of a sweeping crackdown on unauthorized digital asset services.
In a notice published Thursday, the Capital Markets Board (CMB) said it had taken legal action against platforms that were “providing unauthorized crypto asset services” to Turkish residents, citing its authority under the country’s Capital Markets Law.
Among the blocked sites is PancakeSwap, a high-profile DEX that handled over $325 billion in trading volume in June, making it one of the largest globally alongside Uniswap and Curve. The regulator did not specify how it determined PancakeSwap or others were in breach of Turkish law. Cryptoradar, a crypto price comparison service, was also on the list.
CMB has not released detailed criteria behind the enforcement, and PancakeSwap has not responded to requests for comment.
Tightening the Screws
Turkey’s crackdown reflects a broader regulatory push. Since March, the CMB has held full oversight over crypto asset service providers operating in the country, with new frameworks in place to govern licensing and compliance.
In February, rules went into effect requiring users to provide identifying information for crypto transactions above 15,000 Turkish lira (about $425). While buying and holding crypto remains legal, the country banned digital asset payments in 2021—a move that drew backlash from parts of the crypto community. A local law firm was reportedly preparing to challenge the payment ban in court this May.
This week’s enforcement puts Turkey in line with other countries—Kazakhstan, Russia, Venezuela, and the Philippines among them—that blacklisted unregistered or non-compliant crypto services.
Turkey recently tightened its crypto regulations, introducing stricter anti-money laundering measures and client identification policies in late 2024.
The new rules were published in the Official Gazette of the Republic of Turkey on Dec. 25 and require users to provide identifying information for transactions exceeding 15,000 Turkish lira ($425). This Anti-Money Laundering (AML) measure is said to prevent illicit fund transfers and terrorism financing via cryptocurrency.
Crypto service providers in Turkey must comply with stricter customer identification measures, but only for transactions surpassing the $425 threshold. For smaller transactions, there is no requirement to collect such information. Effective Feb. 25, 2025, the regulation mandates that providers also verify the identity of users transferring funds from previously unregistered wallet addresses.
If a provider cannot obtain sufficient customer information, the transaction could be deemed “risky,” allowing the service provider to halt the transfer or consider other measures, such as limiting the business relationship.
