Turkey’s Capital Markets Board Takes Action Against Unauthorized Crypto Platforms
Turkey’s Capital Markets Board (CMB) has blocked access to 46 cryptocurrency websites, including the decentralized exchange PancakeSwap, as part of its efforts to regulate the digital asset sector. The financial regulator announced it would pursue legal action against these platforms for operating without proper authorization.
Regulatory Focus on PancakeSwap
The decision to block PancakeSwap, one of the largest decentralized exchanges on the Binance Chain, follows its record $325 billion trading volume in June 2024. Turkish authorities determined the platform failed to meet local regulatory standards, though specific violations were not disclosed.
Turkey’s Crypto Regulatory Framework
Turkey has implemented several measures to oversee cryptocurrency activities:
- Mandatory identity verification (KYC) for transactions
- Daily transaction limit of $3,000
- Monthly transaction cap of $50,000
- Licensing requirements for crypto service providers
These changes accompany growing crypto adoption, with trading activity increasing from 25.1% in 2023 to 27% in 2024.
Requirements for Crypto Platforms
The CMB now requires all crypto service providers to:
- Register with Turkish financial authorities
- Implement anti-money laundering controls
- Monitor and report suspicious transactions
“This demonstrates Turkey’s commitment to establishing proper oversight while allowing innovation,” said financial regulation expert Dr. Emre Kaya.
The Path Forward for Crypto in Turkey
While these regulations may temporarily affect market activity, they aim to create a more stable environment for cryptocurrency adoption. The CMB continues to adjust its approach to balance market growth with consumer protection in Turkey’s evolving digital asset landscape.
