Turkey has blocked access to 46 crypto websites, including PancakeSwap, in a major crackdown on unauthorized cryptocurrency platforms. This regulatory action was announced by Turkey’s Capital Markets Board (CMB), as part of efforts to enforce compliance with local laws and tighten control over the rapidly growing crypto market in the country.

Details of the Crackdown

On July 3, 2025, the CMB issued a formal notice stating that it had taken legal action against 46 websites accused of providing crypto asset services to Turkish residents without the necessary licenses. The CMB did not clarified how it determined these platforms were operated illegally and whether these platforms had been given prior warnings. PancakeSwap had not issued a public response at the time of the announcement.

Regulatory Context 

Turkey banned the use of cryptocurrencies for payments from 2021 but still allows residents to buy, hold, and trade digital assets. Since March 2025, the CMB has had full regulatory authority over crypto asset service providers operating in Turkey. New rules require crypto users to provide identifying information for transactions exceeding approximately $425, enhancing transparency and compliance. The recent crackdown targets platforms that have not obtained official licensing, signaling the government’s intent to curb unregulated crypto activities and protect investors from potential risks such as money laundering or fraud.

Impact on the Crypto Market

The ban on 46 Crypto websites marks a significant intervention in a sector that is inherently borderless and decentralized. This move challenges the notion that DeFi platforms can operate independently of national regulations. Following the news, PancakeSwap’s native token (CAKE) experienced a notable price drop, reflecting market unease over the regulatory environment in Turkey. Despite the bans, crypto users in Turkey have expressed frustration, noting that restrictions can be circumvented using VPNs or direct wallet-to-wallet transactions. 

Global Context

The crackdown is part of Turkey’s broader strategy to enhance market stability and investor protection as the country’s crypto market has grown rapidly, becoming the fourth-largest globally in 2024. Turkey’s regulatory approach aligns with similar actions taken by other countries including Kazakhstan, Venezuela, Russia, and the Philippines, where authorities have blocked crypto websites for operating without licenses or facilitating illicit transactions. The depreciation of the Turkish lira has further fueled interest in digital assets, making regulatory oversight a priority for the government.

Conclusion

Turkey’s decision to block 46 crypto websites underscores the growing tension between decentralized crypto platforms and national regulatory frameworks. While the move aims to enforce compliance and protect investors, it also highlights the challenges governments face in regulating a borderless digital economy.