The Capital Markets Board of Turkey (CMB) has decided to restrict access to the decentralized exchange PancakeSwap due to its lack of a proper license for providing cryptocurrency services. Similar restrictions have also been imposed on the CryptoRadar platform, which specializes in digital asset price analytics.
This is reported by Business • Media
First Precedent of Blocking a Decentralized Exchange
As noted by the regulator, this is the first time in Turkey’s history that sanctions have been imposed specifically on a decentralized exchange. Following the block, Turkish users lost access to both platforms. The basis for this action was the “provision of crypto-financial services without the appropriate license,” which contradicts the current legislation of the country.
“The statement mentions that this is the first instance of sanctions by the Turkish regulator against a decentralized exchange. After the block, Turkish users no longer have access to the websites of both platforms, according to the announcement.”
Strengthening Control Over the Cryptocurrency Market
In 2024, the CMB received expanded powers, including the ability to require internet service providers to block websites of cryptocurrency services operating without a license and registered abroad. This is part of the overall strategy of the Turkish government to strengthen control over financial operations in the digital environment.
In June 2025, the Turkish Ministry of Treasury and Finance announced the introduction of new measures aimed at combating money laundering through cryptocurrencies, particularly to tackle betting and fraudulent schemes. By the end of 2024, the country also strengthened compliance requirements for anti-money laundering (AML) regulations in the crypto sector. Such steps indicate the Turkish authorities’ intention to ensure maximum transparency and security in the digital asset market.