07.07.2025 12:08
Turkey's Capital Markets Board (CMB) has taken decisive action, blocking access to 46 cryptocurrency platforms, a move marking a significant escalation in its regulatory efforts. This unprecedented action includes the prominent decentralized exchange (DEX), PancakeSwap, highlighting Turkey's increasingly assertive stance on the digital asset landscape.
The CMB's move follows the introduction of new legislation in 2025, granting the board considerably expanded powers over the cryptocurrency sector. This assertive regulatory approach reflects Turkey's commitment to strengthening its control over digital assets and combating illicit financial activities within its borders. Legal proceedings against the blocked platforms have already commenced, citing violations of Turkey's Capital Markets Law.
This blocking of PancakeSwap, a leading global DEX boasting over $325 billion in June trading volume alone, represents a watershed moment. The CMB justified the action by citing the platform's failure to secure the necessary licenses mandated under the recently updated legislation. This significant move underscores the CMB’s determination to enforce compliance within the burgeoning crypto market.
The CMB's enhanced regulatory authority, granted in March, empowers them to restrict access to unregistered platforms operating within Turkish jurisdictions. Specifically, the new legal framework explicitly allows for the blocking of unlicensed foreign entities targeting Turkish users, providing the legal basis for this latest crackdown.
These regulatory changes, formalized in Law No. 5549 and published in the Official Gazette on June 28th, significantly bolster Turkey's cryptocurrency regulatory infrastructure. The new regulations introduce stricter measures including transaction limits, mandatory holding periods, and enhanced anti-money laundering (AML) protocols, solidifying Turkey’s commitment to a more robust and controlled digital asset environment. This comprehensive approach reflects a broader global trend toward greater oversight within the cryptocurrency industry.
