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Turkey Blocks PancakeSwap Over Unauthorized Crypto Activity

1 min
Updated by Mohammad Shahid
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In Brief

  • Turkey’s SPK blocks PancakeSwap for offering crypto services without a license under Capital Markets Law 6362.
  • Access to pancakeswap.finance is restricted by Turkish ISPs, including its related apps and social media.
  • Part of a broader crackdown on unlicensed platforms; over 60 crypto and forex sites were blocked in the latest enforcement round.
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Turkey’s Capital Markets Board (SPK) has officially blocked access to PancakeSwap, citing unauthorized crypto asset services targeting Turkish residents.

The ban was issued under Article 99/3 and Article 128/1(a) of the Capital Markets Law (No. 6362). These provisions empower the regulator to restrict platforms operating without a license in the country’s financial markets. 

Turkey Crypto Regulations Focus on Decentralized Exchanges

PancakeSwap, the leading decentralized exchange (DEX) on the BNB Smart Chain, was listed alongside several other websites in the SPK’s July enforcement bulletin. The regulator ordered Turkish ISPs to block access to the platform.

Following the news, CAKE price dropped nearly 4%. 

CAKE Price Chart After Turkey Ban. Source: BeInCrypto

Authorities say PancakeSwap enables financial transactions, such as token trading, staking, and yield farming, without complying with Turkish licensing requirements. 

These activities fall under capital market operations, which require formal regulatory approval in Turkey.

The SPK also ordered the blocking of associated social media accounts and mobile applications, if any, linked to unauthorized financial services.

This action is part of a wider crackdown on unregistered crypto and forex platforms. Over 60 websites were included in the latest enforcement notice, including both centralized and decentralized platforms.

turkey banks pancakeswap
Social Media Post From a Turkish Legal Expert. Source: X (Formerly Twitter)

Turkish regulators have previously warned investors about the risks of engaging with unlicensed service providers.

PancakeSwap remains operational globally. However, access from within Turkey is now restricted via local internet service providers.

The SPK emphasized that these steps are aimed at protecting investor rights and preventing illegal financial activities in digital asset markets.

More regulatory actions against decentralized protocols may follow as Turkish authorities align their stance with global standards on crypto oversight.

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Mohammad Shahid
Mohammad Shahid is an experienced crypto journalist with a specialization in blockchain security. He covers a wide range of topics spanning everything from Web3 to retail crypto. As an experienced freelance journalist, he has worked on campaigns for several tier-1 exchanges, such as Bitget, and startups, including RankFi and HAQQ. Mohammad comes from an extensive technical background, with a master’s degree in Cyber Security Analysis from Macquarie University, where he majored in...
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