Key Takeaways:
- PancakeSwap is the first decentralized exchange officially banned in Turkey.
- The ban is part of Turkey’s stricter 2025 crypto regulations aimed at boosting transparency and security.
- All crypto platforms targeting Turkish users must now meet licensing and AML requirements under CMB oversight.
Turkey’s Capital Markets Board (CMB) has moved to block access to 46 crypto-related websites, including the prominent decentralized exchange (DEX) PancakeSwap, citing unauthorized operations. This marks the first time a DEX has been banned in the country, signaling a stricter enforcement of the country’s new 2025 crypto laws.
PancakeSwap and Others Blocked for Operating Without License
In an official notice published Thursday, the CMB announced legal action against PancakeSwap and other platforms such as Cryptoradar and Exchange Investr. The CMB cited breaches of Turkey’s Capital Markets Law, although specific criteria for the enforcement were not publicly detailed.
PancakeSwap, which processed over $325 billion in trading volume in June alone, now faces restrictions in Turkey for failing to meet newly imposed licensing requirements. This decision follows the CMB’s expanded legal authority to regulate unlicensed foreign crypto service providers.
Turkey’s Regulatory Goals: Investor Safety and Market Transparency
While the CMB has not elaborated on how it determined PancakeSwap’s non-compliance, the ban aligns with the government’s push for a more secure and transparent crypto environment. Turkish regulators are concerned about illicit financial activity, fraud, and investor losses in the rapidly evolving crypto space.
The ban appears to be part of a larger strategy to prevent money laundering and untraceable financial transactions. With new authority, the CMB can now take swift action against non-compliant crypto platforms, both domestic and foreign.
New Crypto Laws Tighten Controls in 2025
On June 28, Turkey formalized its 2025 crypto framework in the Official Gazette, introducing stricter compliance rules under Law No. 5549. These include mandatory platform licensing, transaction limits, holding periods, and updated anti-money laundering (AML) protocols.
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These new measures empower the CMB to monitor and regulate the growing crypto sector more effectively. The enforcement against PancakeSwap is a direct result of this legislative shift and serves as a warning to other platforms operating without proper authorization.
The Turkish government’s decision to ban PancakeSwap underscores the importance of regulatory compliance in today’s crypto environment. As Turkey sharpens its oversight mechanisms, unlicensed platforms face increasing risk of enforcement.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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