Turkey Cracks Down on Unauthorized Crypto Platforms
Turkey’s financial watchdog has taken aim at unauthorized crypto platforms, cutting off access to 46 websites—including major decentralized exchange PancakeSwap—in a sweeping move to tighten control over the country’s digital asset space.
In a notice released Thursday, the Capital Markets Board (CMB) said the blocked platforms were operating without proper authorization, violating the country’s Capital Markets Law. The CMB did not elaborate on how platforms like PancakeSwap, which reported over $325 billion in volume last month, had breached these rules.
This is part of Turkey’s broader regulatory push to bring crypto trading under stricter oversight. Since March, crypto service providers must meet compliance requirements under a new legal framework. Additionally, as of February, anyone in Turkey transacting crypto over 14,000 lira (roughly $425) must disclose their identity, a step aimed at curbing money laundering and illicit finance.
Although Turkish citizens are free to trade and hold digital assets, using crypto for payments remains prohibited—a policy that has sparked legal challenges, including one by a local law firm scheduled for a hearing earlier this year.
Similar actions have been seen globally as countries like Kazakhstan, Venezuela, and the Philippines block or restrict access to crypto platforms they consider non-compliant or unlawful.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
