Turkey Blocks PancakeSwap and 45 Other Crypto Websites in Regulatory Crackdown

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Turkey’s Capital Markets Board Moves Against Crypto Websites

The Capital Markets Board (CMB) of Turkey announced legal action against 46 websites accused of offering unauthorized crypto asset services. The list includes major decentralized exchange PancakeSwap and crypto data provider Cryptoradar.

The CMB cited its authority under Turkey’s Capital Markets Law to block these websites, marking one of the country’s most significant enforcement moves in the crypto space.

PancakeSwap Among Platforms Targeted

PancakeSwap is one of the largest decentralized exchanges globally, reporting over $325 billion in trading volume for June 2025. Turkish authorities did not specify how they determined that PancakeSwap was offering unauthorized services to local residents.

The blocked platforms are accused of operating without regulatory approval, with concerns over potential risks such as money laundering or unregistered financial activities.

Turkey’s Evolving Crypto Regulations

Turkey has progressively tightened its crypto regulations in 2024 and 2025. Since March, the CMB has held full regulatory authority over crypto asset service providers in the country. New rules require crypto users to provide identification for transactions exceeding approximately $425.

While Turkish residents can still buy, hold, and trade digital assets, the use of cryptocurrencies for payments has been banned since 2021. A legal challenge to this payment ban is currently pending.

Authorities in other countries including Venezuela, Kazakhstan, and Russia have similarly cracked down on unauthorized crypto platforms.

What Has Happened So Far

• 2021: Turkey bans the use of crypto for payments.
• March 2025: CMB takes full regulatory control of crypto services.
• July 4, 2025: Turkey blocks PancakeSwap and 45 other crypto websites.