Turkey Shuts Down 46 Crypto Platforms In Major Sweep: Encounters Intense Pushback

In a significant regulatory action, Turkey has restricted access to 46 crypto asset platforms. Many Turkish crypto enthusiasts discovered that they could no longer reach crypto trading platforms.

The Turkish financial regulators have made it evident – they are focusing on both centralized and decentralized trading platforms.

This enforcement comes hand in hand with new regulations for crypto exchanges operating within Turkey. These regulations include compulsory user verification or KYC across all platforms. Additionally, there will be delays in withdrawals to facilitate enhanced scrutiny of potentially suspicious transactions.

Moving forward, there will be strengthened strategic alliance between exchanges and regulatory bodies for reporting illegal activities.

Turkey blocks 46 crypto platforms in sweeping regulatory crackdown

In July alone, Turkey’s Capital Markets Board (CMB) restricted access to 46 unapproved crypto platforms, including the prominent decentralized exchange (DEX) PancakeSwap, as part of an extensive enforcement initiative to…

— CoinNess Global (@CoinnessGL) July 7, 2025

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Move Faces Severe Backlash – “In a country where inflation is high and trust in the lira is low, crypto became a lifeline”

Nevertheless, this action was met with substantial opposition. Shyft protocol took to X to comment, “Turkey just enacted a comprehensive crypto law. But this isn’t solely about compliance — it’s about control. Now, Turkey mandates all crypto service providers to register, adhere to AML regulations, and comply with the FATF Travel Rule.”

“Get off the FATF grey list. But underlying this is a broader goal: extend state oversight over a rapidly growing, widely adopted trading market,” added Shyft. “In a country grappling with high inflation and diminished trust in the lira, crypto has been a vital resource. Now that resource is being tightly regulated.”

But what prompted Turkey to undertake this action? The Turkish government provided several justifications for this stringent regulatory move.

These include tackling money laundering and financing of terrorism, safeguarding consumers, and ensuring financial stability. Back in 2021, a similar action was taken when the use of crypto for payments was banned.

Turkish regulators instructed internet service providers to restrict access to 46 crypto-related sites. The impacted platforms include notable centralized exchanges as well as leading Decentralized finance protocols, such as PancakeSwap.

BREAKING: Turkey Blocks 46 Crypto Platforms Including @PancakeSwap

Turkey’s Capital Markets Board just imposed a broad ban on significant DeFi platforms for “unauthorized service provision” under national securities regulations.

Key Impact:
• PancakeSwap + 45 other platforms blocked
•…

— Sir JP (@JPCrypto618) July 5, 2025

Read More: Turkey Bans PancakeSwap: A Setback for Crypto? 

Turkey Bans PancakeSwap

Turkey’s Capital Markets Board (CMB) has now disabled PancakeSwap (CAKE) for its residents. They also restricted access to CryptoRadar, a crypto comparison network. The reason? They stated these platforms lacked the appropriate documentation to operate there. This comes as a result of new laws from 2024, empowering the CMB to restrict crypto platforms without licenses.

This action forms part of Turkey’s broader initiative to impose stricter regulations on crypto and maintain oversight. Essentially, they aim to ensure that crypto platforms are legitimate and allegedly protect users from fraudulent activities. Therefore, further bans can be expected if other exchanges fail to align with licensing requirements.

Upon the news, CAKE experienced a 4.00% decline in a single day. Over the course of the month, it has fallen 10%, reflecting the market’s discontent regarding these regulations. The trading volume for PancakeSwap also plummeted by 20%, now standing at $45.54 million.

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