Turkey intensifies control over cryptocurrencies by blocking 46 platforms, including the well-known decentralized exchange PancakeSwap.
Details of the Block
On July 4, 2025, Turkey's Capital Markets Board (CMB) announced the blocking of 46 cryptocurrency websites, including PancakeSwap. This move is part of broader efforts to combat unauthorized digital assets. The CMB has not provided detailed justifications, leaving the crypto community questioning the reasons behind the block.
Alignment with International Standards
This block is part of Turkey's effort to comply with regulations similar to those in other countries like Kazakhstan and Russia. These nations have been blacklisting unregistered crypto platforms since 2021 to address money laundering and illicit financing. New rules mandate user identification for transactions exceeding $425.
Potential User Impact
Users are likely to seek ways to bypass these restrictions using VPNs or may migrate to regulated centralized exchanges. This could lead to reduced liquidity for local projects. PancakeSwap has yet to comment on the situation, but the ambiguity in enforcement criteria might create challenges for casual traders.
Turkey's stringent measures indicate an increasing regulation of the cryptocurrency market, leaving the future of crypto asset usage in the country uncertain.
