Turkey has ramped up its regulatory oversight of the cryptocurrency sector, with the country's Capital Markets Board (CMB) blocking access to 46 crypto platforms, including the popular decentralized exchange PancakeSwap. This sweeping crackdown, reported on July 5, 2025, targets unlicensed platforms as part of a broader effort to curb fraud and enforce compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
The CMB's actions come in response to growing concerns over the unregulated nature of the crypto market in Turkey, a country where digital asset adoption has surged amid economic turmoil and a weakening lira. The ban aims to protect investors from potential scams and ensure that only licensed entities operate within the financial ecosystem.
While the full list of blocked platforms has not been disclosed, the inclusion of PancakeSwap—a major player in the decentralized finance (DeFi) space—has raised eyebrows. Industry experts suggest that this move signals Turkey's intent to tighten control over DeFi platforms, which often operate without centralized oversight, making regulatory enforcement challenging.
This crackdown follows previous regulatory measures, including a 2021 ban on cryptocurrency payments by Turkey's central bank. Despite a legal challenge by the Turkish law firm GlobalB earlier in 2025, the government appears steadfast in its efforts to impose stricter rules on the crypto industry, with new regulations set to take effect this year.
The ban has sparked mixed reactions within the crypto community. While some argue that it could hinder innovation and limit access to digital assets, others believe it may pave the way for a more secure and transparent market in the long term. Legal proceedings against the blocked platforms are expected to commence soon, according to the CMB.
As Turkey continues to navigate the balance between innovation and regulation, the global crypto industry watches closely. The outcome of this crackdown could set a precedent for how other nations approach the rapidly evolving world of digital currencies and decentralized finance.
Maria Lourdes
