Turkey’s Capital Markets Board (CMB) has blocked access to 46 crypto websites, including PancakeSwap, under the country’s Capital Markets Law No. 6362. The Turkey crypto crackdown was confirmed in the CMB’s July 4 bulletin.
The regulator cited the platforms for offering unauthorized crypto services to Turkish residents. Other blocked sites include Cryptoradar, a crypto price tracking tool.
The action comes as the CMB Turkey continues enforcing updated regulations for crypto asset service providers. The bulletin did not include specific details about why PancakeSwap, a decentralized exchange, was targeted.
Turkish Crypto Law Requires Compliance and Identification
Since March 2025, the Capital Markets Board has held authority over crypto platforms offering services in Turkey. The legal framework requires providers to register and follow national standards.
As part of this framework, all crypto transactions above 15,000 Turkish lira (around $425) must include sender and receiver ID details, as well as the transaction’s source and purpose. These rules apply even though cryptocurrency payments were banned in 2021.
A court hearing scheduled for May 2025 was set to challenge that ban. Updates from the case have not been made public.
PancakeSwap Faces Restriction Despite High Global Volume
PancakeSwap, built on BNB Chain, processed more than $325 billion in trading volume during June, according to DefiLlama. It ranks among the largest decentralized exchanges globally.
The CMB Turkey did not explain whether the ban applies only to the website or also to smart contract-level access. The bulletin also did not specify whether the exchange tried to register under Turkish law.
Other countries, including Russia, Kazakhstan, Venezuela, and the Philippines, have blocked crypto websites citing concerns over unauthorized crypto services or lack of registration.
The CMB Turkey did not disclose which technical tools will be used to enforce the block, such as DNS filtering or IP restrictions. Access methods through blockchain nodes or decentralized apps were not addressed in the statement.