🚨 Turkey Blocks PancakeSwap: The First Attack on DeFi? 🚨

Important news from Turkey: the country's financial regulator, the Capital Markets Board (CMB), has shut down access to the largest decentralized cryptocurrency exchange PancakeSwap and the price aggregator CryptoRadar. This is the first instance of sanctions being applied against decentralized financial services in the country. The reason for the blockage was "unauthorized provision of cryptocurrency services."

CMB has the authority to block websites of foreign crypto projects operating without permission from users in Turkey. PancakeSwap, operating on BNB Chain, processes trading volumes exceeding $7 billion daily and accounts for over 30% of the DEX market. This blockage raises concerns that other platforms, such as Uniswap and Raydium, may be next on the list.

It is worth noting that Turkish authorities have previously taken strict measures: in December 2022, 108 websites were shut down, including 50 cryptocurrency exchanges. At the same time, discussions continue in the country regarding new legislation to combat money laundering through cryptocurrencies.

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