In a significant regulatory action, Turkey has restricted access to 46 cryptocurrency platforms. This abrupt change left countless Turkish crypto users unable to utilize trading platforms.

The Turkish financial authorities have affirmed their intention to target both centralized and decentralized exchanges, reflecting a broader crackdown on crypto activity within the country.

This initiative coincides with the establishment of new regulatory frameworks for crypto exchanges in Turkey that mandate user verification (KYC). These regulations will also implement withdrawal delays designed to enhance the monitoring of suspicious transactions.

Future regulations will enforce greater collaboration between exchanges and authorities for reporting suspected illicit operations.

“Turkey blocks 46 crypto platforms in sweeping regulatory crackdown”
Turkish Capital Markets Board (CMB) blocked access to 46 unauthorized crypto platforms, including major decentralized exchange (DEX) PancakeSwap, as part of extensive enforcement efforts.

Despite the government’s rationale for these measures—which include combating money laundering, consumer protection, and ensuring financial stability—the move has faced intense backlash. A post from Shyft Network on X stated:
“Turkey just passed a sweeping crypto law. But this isn’t just about compliance — it’s about control. Turkey now mandates that all crypto service providers register, adhere to AML standards, and comply with the FATF Travel Rule.”

Shyft added, “In a country where inflation is high and trust in the lira is low, crypto became a lifeline. Now that lifeline is being regulated — tightly.”

Concerns about this regulatory approach have been raised, particularly about its implications for consumer freedoms and the future of crypto use in Turkey. Previous measures taken in 2021 already banned cryptocurrency as a payment method, indicating a trend of increasing restrictions on digital currencies in the nation.

To enforce this new regulation, Turkish regulators ordered internet service providers to obstruct access to the affected 46 crypto-related websites, including reputable platforms such as PancakeSwap, which has experienced significant impacts on its trading volume due to these newly instituted limits.

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Turkey Bans PancakeSwap: A Setback for Crypto?
To sum up, thousands of Turkish users are now facing serious challenges accessing cryptocurrency trading due to this crackdown on platforms, as the country continues to navigate its fraught relationship with digital currencies.