The recent ban on PancakeSwap in Turkey raises concerns about potential regulatory expansions to other DeFi services. During a panel discussion at Istanbul Blockchain Week, regulators shared their plans and new enforcement criteria.
Ban on PancakeSwap and Its Implications
In July 2023, Turkey imposed a ban on PancakeSwap along with 46 other websites. Regulators have already begun blocking access to these resources for citizens of the country.
New Rules for DeFi Services
According to Ali İhsan Güngör, DeFi services will be subject to the same rules as centralized platforms. This means that services targeting Turkish users through advertising will have to comply with local regulations.
What’s Next for DeFi in Turkey?
Despite the new restrictions, Güngör noted that services offered without a direct focus on Turkey will not be banned. Thus, citizens will be able to access services from abroad as long as they are not advertised within Turkey.
The ban on PancakeSwap marks a significant step toward stricter regulations for DeFi in Turkey. The new rules are expected to have a considerable impact on the future of decentralized finance in the country.
