After PancakeSwap ban, Turkey may target other DeFi services, regulators explain
Main Idea
Turkish regulators are expanding their crackdown on DeFi services and wallets, requiring them to follow local regulations if they market to Turkish citizens, as seen with the recent ban on PancakeSwap.
Key Points
1. Turkey recently banned PancakeSwap (CAKE) and 46 other websites, blocking their domains in the country.
2. Regulators are applying 'dissemination principles,' meaning DeFi services marketing to Turkish citizens must comply with local laws.
3. Ali İhsan Güngör, Executive Vice Chairman of the Capital Markets Board of Türkiye, stated that institutions promoting DeFi services to Turkey will be subject to regulation.
4. The ban on PancakeSwap is part of a broader regulatory framework targeting DEXs and non-custodial wallets.
5. The crackdown reflects Turkey's efforts to enforce stricter oversight on crypto-related activities directed at its citizens.
Description
After a recent ban on PancakeSwap, Turkish regulators may soon crack down on other DeFi services and wallets. Turkey’s recent ban on PancakeSwap (CAKE) decentralized exchange brought concerns that other DeFi services may follow. A recent panel by regulators, during the Istanbul Blockchain Week, suggested that this may be the case. In a transcript shared with crypto.news, regulators outlined the new criteria for enforcement, which also apply to DeFi services. Under the new framework, DEXs and eve...
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