Turkey's Capital Markets Board has blocked access to PancakeSwap due to lack of licensing, leading to a decrease in CAKE token value and impacting other decentralized platforms.
Blocking of PancakeSwap in Turkey
Turkey's Capital Markets Board has blocked PancakeSwap, stating that the platform has operated without the necessary license since July 4, 2025. The regulator emphasized that 'only licensed entities can operate within Turkey’s crypto market.'
Market Impact
Following the announcement, the value of the CAKE token decreased by 3.36%. PancakeSwap's trading volume diminished by 23.5%, amounting to $50.54 million. Concerns extend to other assets like BNB and Ethereum, highlighting the importance of regulatory compliance.
Regulating the Crypto Market in Turkey
Turkey continues to tighten regulation of the crypto market, taking cues from other nations like Russia and Kazakhstan that have also enacted measures against unlicensed crypto services. This regulatory tightening suggests impending global changes for decentralized platforms.
The blocking of PancakeSwap marks a significant move in Turkey's regulatory policy, potentially forecasting further changes for crypto operators within the country.
