Turkey’s Capital Markets Board has escalated its regulatory push by blocking 46 websites allegedly offering unauthorized crypto asset services.
In an announcement on Thursday, the financial watchdog cited violations of the Capital Markets Law, targeting platforms including PancakeSwap and Cryptoradar.
The decision reflects Turkey’s increased scrutiny of digital asset services not formally registered or authorized in the country.
PancakeSwap Among Blocked Sites
PancakeSwap, a prominent decentralized exchange, reported more than $325 billion in trading volume in June alone.
Despite its global significance, Turkish authorities have not specified how the site violated local rules.
Other nations such as Kazakhstan, Venezuela, and Russia have taken similar actions against unregulated crypto platforms.
New Regulatory Framework and Controls
Turkey granted its Capital Markets Board full authority over crypto asset service providers in March.
Since February, users have been required to verify their identities for crypto transactions exceeding approximately $425.
Although crypto trading remains legal for Turkish residents, using digital assets for payments has been banned since 2021.
A local law firm is expected to challenge the payment ban, with a court hearing set for May.
These developments are part of Turkey’s broader strategy to tighten compliance, ensure financial stability, and prevent illicit financial flows through digit