Turkey Bans Decentralized Crypto Exchanges
On July 4, Turkey’s financial watchdog, the Capital Markets Board (CMB), blocked access to decentralized exchanges like PancakeSwap. The move also affected the crypto comparison site CryptoRadar. The ban targets unauthorized crypto service providers.
Authorities justified the action,citing a lack of proper licensing. new 2024 legislation gave the CMB powers to restrict foreign crypto platforms without local authorization. This decision follows updated March regulations requiring stricter clarity and reporting from crypto service providers.
Despite this crackdown, regulated exchanges can still operate. For instance, Bank Pozitif partnered with Taurus to offer crypto services in March 2025. Though, the PancakeSwap ban marks the first time a decentralized exchange faced restrictions. Previously, only centralized platforms like Binance and FTX were banned. This could put other DEXs like Uniswap at risk.The ban comes after notable crypto adoption in Turkey. Since 2022, manny citizens turned to crypto due to inflation. By june 2024,the Turkish lira became the third-largest fiat currency used for crypto purchases,surpassing the Euro.
Key points include:
- Platforms must provide monthly account statements and disclose user transactions.
- The ban affects unlicensed foreign providers.
- Other DEXs and related platforms may face similar restrictions.
While the country permits regulated exchanges, the crackdown shows a tightening of crypto legislation. The ban reflects growing crypto asset adoption. Citizens sought stability amid economic challenges, pushing the lira to third place in crypto purchases.
For more on Turkey’s crypto landscape, visit this link.
