Turkey’s Sweeping Crypto Crackdown Sparks Backlash Amid Inflation Woes

Turkish authorities have blocked access to 46 cryptocurrency platforms, including prominent decentralized exchange PancakeSwap, in a sweeping regulatory crackdown. The move, targeting both centralized and decentralized platforms, introduces stringent new rules such as mandatory KYC verification and withdrawal delays for transaction monitoring.

The crackdown has drawn sharp criticism from the crypto community. "In a country where inflation is high and trust in the lira is low, crypto became a lifeline," noted industry observers. The Shyft Network condemned the measures as excessive government control, highlighting new registration requirements for all crypto service providers.

Turkey's Capital Markets Board (CMB) executed the platform bans in July 2025 as part of broader enforcement efforts. The action comes amid growing institutional scrutiny of crypto markets globally, though Turkey's approach appears particularly aggressive given its economic context of currency instability.