Turkey has taken a major step in tightening its grip on the cryptocurrency industry, launching one of its most aggressive enforcement actions to date. The country’s Capital Markets Board (CMB) has reportedly blocked access to 46 cryptocurrency-related websites, including PancakeSwap, the world’s second-largest decentralized exchange by volume.
In an official announcement, the CMB stated that these platforms were offering unauthorized crypto asset services to Turkish residents — a violation of Turkey’s Capital Markets Law. The extensive ban includes a mix of centralized exchanges, trading apps, and even information-based platforms like Cryptoradar, a popular crypto price comparison site.
PancakeSwap, which reported over $325.2 billion in trading volume in June, is among the most prominent names on the list. Despite its global standing in the DeFi (Decentralized Finance) ecosystem alongside platforms like Uniswap and Curve, Turkish regulators now deem its operations illegal within national borders.
At the time of writing, PancakeSwap had not issued an official response. It remains unclear whether any of the targeted platforms were given a warning or a chance to comply before being blocked.
This marks a significant shift in Turkey’s stance toward crypto — from a relatively hands-off approach to one that emphasizes centralized control and strict compliance.
The crackdown is part of broader regulatory reforms aimed at curbing money laundering, terrorism financing, and unregulated financial activity. These reforms also signal Turkey’s efforts to align more closely with international standards in crypto regulation.
The updated regulatory framework includes:
Turkey now joins a growing list of countries — including Russia, Kazakhstan, Venezuela, and the Philippines — that are cracking down on crypto platforms lacking local licenses or failing to meet domestic compliance requirements.
Critics view the move as part of a broader effort to protect the struggling Turkish economy, stabilize the national currency, and protect citizens from scams, fraud, and high-volatility assets.
Crypto has seen rapid adoption in Turkey, fueled by inflation and a weakening lira. Many residents have turned to digital assets as a hedge against economic instability. But with adoption has come increased regulatory scrutiny.
Back in 2021, Turkey banned the use of cryptocurrencies for payments, citing risks to financial stability. That decision sparked public backlash and legal challenges, with a domestic law firm reportedly preparing to contest the payment ban earlier this year.
This week’s mass banning of crypto platforms appears to be an attempt by the CMB to assert regulatory authority before legal ambiguity around digital assets continues to grow.
Whether the affected platforms will be allowed to reapply for legal access or appeal the ban remains uncertain. For now, access to these services remains blocked in Turkey, unless users turn to VPNs or other potentially risky workarounds.
As Turkey doubles down on regulating its fast-growing crypto sector, all eyes will be on whether this crackdown brings clarity and consumer protection — or whether it risks stifling innovation in a country that has become one of the world’s most active crypto markets.
July 2025, Cryptoniteuae