Turkey blocks 46 crypto platforms as part of large-scale crackdown
Turkey blocks 46 crypto platforms
Turkey’s Capital Markets Board (CMB) has launched one of the country’s most extensive enforcement actions against the cryptocurrency industry, blocking access to 46 crypto-related websites.
The list includes a diverse mix of crypto exchanges, trading platforms, and information hubs like Cryptoradar, as well as PancakeSwap—the world’s second-largest decentralized exchange by trading volume, reports Cryptopolitan.
PancakeSwap alone processed over $325 billion in June, making its inclusion in the ban a significant signal that Turkey is willing to confront even major DeFi platforms. The CMB stated that these websites were offering “unlicensed crypto asset services” to Turkish users, violating the country’s Capital Markets Law. Authorities did not disclose whether the platforms were given prior warnings or opportunities to comply with Turkish regulations, and as of now, PancakeSwap has not issued an official response. This sweeping action signals a shift toward tighter national oversight in a space traditionally designed to operate without borders.
New compliance measures tighten user verification and transaction controls
Turkey’s recent regulatory push builds on its efforts to bring greater transparency and security to crypto markets, which have grown rapidly in the country amid high inflation and currency instability. The CMB’s new crypto oversight framework introduces strict requirements, including mandatory user identity verification and detailed transaction descriptions of at least 20 characters for each transfer. Platforms must now impose mandatory holding periods on crypto withdrawals—48 hours for most cases and 72 hours for first-time account withdrawals—especially when the Travel Rule does not apply.
Regulators are also monitoring for suspicious activity, such as attempts to split large transactions into smaller ones to evade detection, and reserve the right to freeze, limit, or block high-risk accounts. Transactions below 15,000 lira may bypass identity checks, but splitting transactions to skirt these rules can trigger further scrutiny. This new system closely aligns Turkey with international anti-money laundering efforts and similar enforcement actions in countries like Russia, Venezuela, and Kazakhstan.
Turkey moves to stabilize economy and assert regulatory control
Turkey’s aggressive stance on crypto regulation is widely viewed as part of its broader attempt to stabilize the national economy, protect citizens from financial scams, and reduce exposure to highly volatile assets. In 2021, Turkey banned the use of cryptocurrencies for payments, citing risks to financial stability—a decision that sparked public backlash and ongoing legal challenges. Despite rising crypto adoption driven by a depreciating lira, Turkish regulators are now making clear they intend to impose tighter controls on the industry. Critics argue that while these steps may offer consumer protections, they also limit access to financial alternatives during a time of economic uncertainty.
The CMB’s latest crackdown comes amid an evolving legal framework, with questions remaining about whether banned platforms will have a pathway to reapply for access through local licensing or appeal their restrictions. For now, affected platforms remain inaccessible to Turkish users unless accessed through VPNs or similar tools, which could expose those users to potential legal risks.
Recently we wrote that Pakistan's proposal to subsidize excess electricity for crypto mining and data center development has been rejected by the International Monetary Fund (IMF).
