Turkey Blocks PancakeSwap and 45 Crypto Websites in Regulatory Crackdown

Turkish financial regulators have intensified their oversight of the cryptocurrency sector, blocking access to decentralized exchange PancakeSwap and 45 other crypto-related websites. The Capital Markets Board (SPK) cited violations of Turkey's Capital Markets Law, targeting platforms offering unauthorized digital asset services to residents.

PancakeSwap, one of the world's largest DEXs with over $325 billion in June trading volume, was among the affected platforms. The move raises questions about how Turkish authorities determined the exchange was operating locally. Other blocked sites included Cryptoradar and various trading platforms, signaling tighter controls on crypto activity.

Since March, the SPK has exercised full authority over crypto service providers in Turkey, enforcing compliance with new regulatory standards. The country maintains its 2021 ban on crypto payments while permitting trading and ownership of digital assets. Earlier this year, Turkey implemented identity verification requirements for transactions exceeding approximately $425.