Turkey Blocks PancakeSwap Over Unlicensed Crypto Operations
Turkey’s Capital Markets Board (SPK) has moved to block PancakeSwap, accusing the platform of offering unlicensed crypto asset services to Turkish citizens.
The prohibition was enacted under Article 99/3 and Article 128/1(a) of Capital Markets Law No. 6362, empowering the regulator to curtail entities operating in the country’s financial markets without local authorization.
Key Takeaways:
ShowTurkish Crypto Oversight Targets Decentralized Exchanges
PancakeSwap (CAKE), the top decentralized exchange on the BNB Smart Chain, appeared among multiple sites in the SPK’s July enforcement notice.
Regulators instructed Turkish internet providers to block access to the service. Furthermore, CAKE’s market price by now plunged almost 4% in response.
Officials contend that PancakeSwap facilitates token swaps, staking, and yield farming without adhering to Turkey’s licensing rules.
Such functions qualify as capital market activities, requiring formal approval under Turkish law.
The SPK further mandated blocking related social media channels and mobile apps tied to these unauthorized offerings.
This measure forms part of a broader sweep against unregistered crypto and forex platforms.
More than 60 sites, both centralized exchange and decentralized, were named in the latest enforcement bulletin.
Final Words
Turkey’s decisive action against PancakeSwap underscores its commitment to regulating all crypto platforms—centralized or not—ensuring that DeFi services comply with local licensing laws and protecting investors from unregistered financial activities.
