Turkey Blocks Access to PancakeSwap and CryptoRadar

The Capital Markets Board of Turkey (CMB) has blocked access to the decentralized exchange (DEX) PancakeSwap and the price comparison platform CryptoRadar, as reported by local media.

The reason cited was “providing services with crypto assets without permission.” This marks the first instance of sanctions being applied to a DEX in the country.

The CMB was granted the authority to block websites of foreign digital asset service providers in 2024. The regulator applies this measure to companies operating without a license and targeting Turkish users. Previously, the agency had already blocked centralized exchanges.

The decision regarding PancakeSwap has set a precedent. Market participants fear that platforms like Uniswap and Raydium might be next to face restrictions.

Authorities have warned investors about the risks of using unlicensed exchanges. They recommended working only with CMB-approved platforms to protect capital and personal data.

Regulation in Turkey

In May 2024, the country’s authorities announced a tightening of legislation in the field of digital assets. A key aspect of the decision was investor protection following the collapse of the Thodex platform.

Starting February 25, 2025, users in Turkey conducting crypto transactions exceeding 15,000 TRY (at the time of writing $376.5) are required to provide service providers with identification data.

In June, the country’s Ministry of Finance announced the introduction of limits on stablecoin transfers to prevent the rapid outflow of illicit funds.