Turkish financial regulators have blocked access to decentralized exchange PancakeSwap and 45 other crypto-related websites as part of a broader crackdown on unauthorized digital asset services.
In a July 3 bulletin, the Capital Markets Board (SPK) announced legal action against the websites, citing provisions of Turkey’s Capital Markets Law.
The regulator said the targeted platforms were providing crypto services to residents without the required authorization.
PancakeSwap, which reported over $325 billion in trading volume for June, is among the world’s largest DEXs alongside Uniswap. It remains unclear how Turkish authorities determined the platform was directly offering services in the country.
Other blocked sites included Cryptoradar and various investment and trading platforms, reflecting Turkey’s tightening oversight of the crypto sector.
Under regulatory changes implemented since March, the SPK has full authority over crypto asset service providers offering products to Turkish residents, enforcing standards and compliance requirements.
The country has taken a strict stance on crypto payments since banning their use for purchases in 2021. However, residents are still permitted to buy, hold, and trade digital assets.
Earlier this year, Turkey mandated that crypto users provide identifying information for transactions above approximately $425.
Globally, countries such as Kazakhstan, Venezuela, Russia, and the Philippines have also blocked crypto-related websites, citing unauthorized operations and illicit transaction risks.
Turkey’s regulatory approach is part of its broader strategy to formalize and control digital asset markets amid rising adoption.
Mentioned in this article
Source: https://cryptoslate.com/turkey-blocks-access-to-pancakeswap-45-crypto-websites-in-regulatory-crackdown/
