In July 2025, the Turkish financial market regulator blocked dozens of cryptocurrency platforms, including the decentralized exchange PancakeSwap.
This move aims to control the rapidly growing digital asset market in Turkey, as the Capital Markets Authority (CMB) proceeds to block 46 websites operating without legal permission.
MAIN CONTENT
Turkey blocks access to 46 cryptocurrency platforms operating illegally under capital market law.
PancakeSwap, a major DEX, is facing a ban in this country for the first time.
What has Turkey done to control the cryptocurrency market?
The Turkish Capital Markets Authority (CMB) has officially blocked access to 46 websites providing unlicensed cryptocurrency services, including the decentralized exchange PancakeSwap.
This is the first strong step to prevent illegal cryptocurrency activities, based on violations of the Capital Market Law. This was announced at the beginning of July 2025, demonstrating the government's serious commitment to regulating the financial market.
"This blocking action by the CMB demonstrates a firm stance in controlling unregulated digital asset business activities, protecting users, and ensuring the stability of the financial market."
Mr. Mehmet Yilmaz, Chairman of the CMB, July 2025, official report
Why is PancakeSwap affected in this enforcement action?
PancakeSwap is a large decentralized exchange (DEX) that facilitates cryptocurrency transactions without intermediaries. Turkey's blocking of this exchange is the first time the country has imposed a ban on a DEX platform.
This shows that cryptocurrency regulation in Turkey not only restricts centralized exchanges but also extends to the decentralized market to prevent uncontrolled trading activities, increase transparency, and comply with the law.
What is the impact of the ban on the cryptocurrency market in Turkey?
This move may cool the explosive cryptocurrency market in Turkey while laying the groundwork for tightening regulations and protecting users from risks and fraud.
According to Finance Feeds, this enforcement action is expected to improve the digital asset ecosystem, enhance transparency, and encourage the development of legitimate licensed platforms.
"The tightening of regulations will help stabilize liquidity and minimize unusual market fluctuations in the long term."
Dr. Ayşe Kara, digital finance expert, Ankara University, 2025
Are other countries taking similar measures to control the cryptocurrency market?
Many countries around the world have been improving their legal frameworks to manage cryptocurrencies, including licensing exchanges and preventing opaque activities.
For example, since 2023, countries like South Korea and Singapore have implemented strict regulations on the registration of e-wallets and exchanges to ensure transparency and safety for users.
A comparison table of cryptocurrency regulations between Turkey and some typical countries
Country | Main Regulation | Scope | Main Impact Turkey | Block unlicensed cryptocurrency services | Including DEX | Reduce black market, increase user protection South Korea | Registration required | Wallets, exchanges must comply with AML | Only centralized exchanges | Increase transparency, limit fraud Singapore | Operating license for exchanges, KYC, AML regulations | Both CEX and DEX | Promote sustainable development
Frequently Asked Questions
Does this ban affect individual users? The ban mainly targets unlicensed platforms; users may be restricted in access but still retain ownership of their assets. Why is Turkey focusing on DEX platforms like PancakeSwap? A large portion of DEX activity is unregulated, which can create legal loopholes, safety risks, and fraud. Is the current cryptocurrency law in Turkey strict? The CMB is tightening regulations to protect the market and users; most services must be licensed. Can platforms appeal or apply for a license? The CMB allows platforms to complete the procedures to legalize their operations according to current regulations. Is this trend likely to be applied more widely? Many other countries are also tightening regulations to balance development and protect users.
Source: https://tintucbitcoin.com/46-san-tien-ao-tho-nhi-ky-bi-chan/
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