- Turkey blocks PancakeSwap and 45 crypto sites over unauthorized services under the new market law.
- First enforcement against decentralized exchanges signals Turkey’s stricter crypto regulation stance.
- Over 60 crypto and forex platforms targeted as Turkey ramps up digital asset market oversight.
The Capital Markets Board (SPK) of Turkey has blocked access to PancakeSwap, one of the largest decentralized exchanges, citing allegations of the provision of unauthorized crypto asset services. In an enforcement bulletin issued Thursday, the regulator said 46 sites, including Cryptoradar, were found in violation of the Capital Markets Law No. 6362.
The legal grounds for banning these sites lie in Article 99/3 and Article 128/1(a), which allow SPK to block unlicensed finance service providers. Turkish internet service providers (ISPs) were also told to block websites, related applications, and social media outlets that provided crypto-related services without registration.
This is a notable change in enforcement, with the current crackdown including decentralized platforms instead of just centralized exchanges.
Decentralized Platforms Now Under Regulatory Scrutiny in Turkey
The move against PancakeSwap is Turkey’s first action against a decentralized exchange. PancakeSwap, a decentralized finance (DeFi) exchange on the BNB Smart Chain, had a trading volume of more than $325 billion in June, making it one of the leading decentralized exchanges (DEXs) globally. Nonetheless, Turkish officials allege that the platform did not meet the licensing requirements for operating in the country.
In the past, regulation targeted centralized exchanges like Binance and FTX. Nevertheless, in March, Turkey broadened its crypto regulatory framework, as all crypto asset service providers would have to obtain licenses and adhere to new transparency requirements. According to these rules, platforms are required to provide monthly statements of customer accounts and full disclosure of user transactions.
The SPK also stated that activities such as token trading, staking, and yield farming fall under capital market activities and must be approved by regulators. By evading these requirements, PancakeSwap and other industry exchanges have been flagged as operating beyond Turkey’s legal financial infrastructure.
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Turkey’s Broader Crypto Crackdown Continues Amid Rising Adoption
This tightening of Turkey’s regulations has occurred as the adoption of crypto has surged locally. Currency devaluation and high inflation have influenced citizens to find stability in digital assets. Recently, in June 2024, the Turkish lira became the third most used fiat currency to purchase crypto, surpassing the euro.
After gaining regulatory authority in early 2024, the SPK has ramped up enforcement efforts. In the recent crackdown, more than 60 sites, both forex and crypto service providers, have been blocked. Although Turkish residents continue to engage in crypto trading, the country prohibited the use of digital assets as a means of payment in 2021. However, the ban on payments was challenged in court in May 2025.
Despite restrictions, regulated crypto activity continues. In March 2025, Bank Pozitif collaborated with Taurus to launch compliant digital asset services. Meanwhile, the SPK threatens to take additional enforcement measures as it synchronizes Turkish crypto regulation with international practices. Decentralized exchanges such as Uniswap can also be subject to the same scrutiny upon discovery of the company’s breach of Turkish licensing laws.
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