Turkey’s Capital Markets Board Blocks Access to PancakeSwap for Unauthorised Crypto Services

Key Points

1. Turkey’s CMB blocked 46 cryptocurrency websites, including PancakeSwap, for unauthorized services, marking the first time a decentralized exchange (DEX) has been blocked in Turkey.

2. PancakeSwap, a leading DEX with over $325 billion in trading volume in June, was targeted despite its decentralized nature, as Turkish officials classified it as a crypto service provider.

3. The CMB is intensifying efforts to regulate crypto services, including enforcing KYC and licensing requirements, and has introduced new measures like daily and monthly transaction limits to combat money laundering.

4. Crypto payments have been banned in Turkey since 2021, and the CMB now has full authority to regulate crypto service providers, aiming to reduce unauthorized activities and scams like 'pig butchering'.

5. Turkish officials highlight concerns over rising crypto trading (from 25.1% in 2023 to 27% in 2024) and price volatility, prompting stricter oversight to protect citizens from potential exploitation.