Turkey’s financial watchdog has shut down 46 crypto websites, including PancakeSwap, a major decentralized exchange. The crackdown targets platforms offering unlicensed crypto services to Turkish residents, signaling a tougher stance. The Capital Markets Board (CMB) cited violations of the Capital Markets Law as the basis for the bans.
Turkey Blocks 46 Crypto Websites
Turkey’s Capital Markets Board announced a sweeping ban on 46 crypto-related websites, including PancakeSwap. The CMB accused these platforms of providing unauthorized crypto services to Turkish residents, violating Capital Markets Law No. 6362.
PancakeSwap, a leading decentralized exchange on the BNB Chain, handled over $325 billion in trading volume in June. The regulator ordered Turkish internet providers to block access to these sites, impacting local users. The ban also targeted platforms like Cryptoradar, highlighting Turkey’s focus on both centralized and decentralized services.
The CMB’s actions aim to protect investors and curb illegal financial activities in the digital asset space. While PancakeSwap remains operational globally, Turkish users now face restricted access to its services. The regulator, however, has yet to specify why these platforms are considered unauthorized or in breach of local laws.
This marks the first time Turkey has targeted a decentralized exchange, setting a precedent for future enforcement. The ban caused PancakeSwap’s CAKE token to drop nearly 4% in value from around $2.30 to $2.23.
Global Regulatory Crackdown Surges
Turkey’s crackdown stems from a surge in crypto adoption driven by prolonged inflation since 2022, which has weakened the Turkish lira. New regulations introduced in March 2025 granted the CMB full authority over crypto service providers, requiring them to obtain strict licensing.
Platforms must comply with capital adequacy, transparency, and KYC rules, including identity verification for transactions over $425. Unauthorized services face severe penalties, including imprisonment for three to five years for operators. The CMB’s actions align with global trends, as countries such as Russia and Kazakhstan have also blocked unlicensed cryptocurrency platforms.
Meanwhile, Thailand’s Securities and Exchange Commission (SEC) announced that it banned five major crypto exchanges—Bybit, 1000X, CoinEx, OKX, and XT—effective June 28, 2025, for operating without licenses. The regulator filed charges against these platforms, citing violations of the Digital Asset Business Act.
Similarly, South Korea’s Financial Intelligence Unit (FIU) has blocked 14 unregistered cryptocurrency exchanges, including prominent platforms such as KuCoin and MEXC, from operating within its borders. This decisive move aims to safeguard its financial ecosystem, curb illicit activities, and protect investors in a rapidly growing digital market.
