Turkey’s Capital Markets Board has confirmed the blocking of access to a number of websites providing unauthorized crypto asset services. A total of 46 sites were listed.
Blocking Crypto Services in Turkey
On Thursday, October 26, Turkey’s Capital Markets Board announced legal actions against 46 websites, including decentralized exchange PancakeSwap and Cryptoradar. The regulator indicated that this decision was based on the country’s Capital Markets Law.
Challenges in Identifying 'Unauthorized' Services
PancakeSwap reported more than $325 billion in trading volume for June, making it one of the largest decentralized exchanges alongside Uniswap and Curve. The issue remains as to how Turkish authorities determined that the platform had been offering 'unauthorized' services.
Tightening Regulations in the Crypto Sector
Since March, Turkey’s Capital Markets Board has had full regulatory control over crypto service providers offering services to residents. Since February, crypto users in Turkey have been required to provide identifying information when executing transactions of approximately $425 or more.
Thus, Turkey continues to pursue a course of tightening regulations on the cryptocurrency market, which may affect access to and use of crypto services in the country.
