PancakeSwap banned in Turkey in DEX crackdown: is Uniswap next?

The Turkish financial regulator has announced the ban on decentralized exchanges like Pancakeswap.

Friday July 4, local media reported The Turkey Capital Markets Council (CMB) blocked access to Pancakeswap (CAKE) For the country’s citizens. With the DEX, the country has also blocked access to the cryptoradar cryptographic comparison platform.

The authorities cited “the provision of unauthorized cryptographic asset services” as a reason for the prohibition, declaring that the platforms did not have the authorization required to operate in the country. The decision was made under the powers granted to the agency in 2024, when new legislation allowed the CMB to block foreign cryptography service providers operating without license.

In March, the CMB introduced updated regulations on licenses and monitoring of cryptographic asset service providers. The new rules have forced more strict transparency and report requirements, including the provision of monthly account statements for all customers. Platforms are also necessary to disclose details of all user transactions.

Despite the repression, Turkey still allows regulated exchanges to operate. In March 2025, Turkish Bank Partial positive bank With Taurus to launch a series of crypto services.

Turkey tightens the legislation on cryptography

The ban on pancakeswap was the first time as a decentralized scholarship was targeted by the application. Previously, only centralized platforms, such as Binance and Ftxwere prohibited in the country. For this reason, others Dex like Uniswap (UNITED)Raydium can be at risk. In addition, the other cryptographic platforms, including dex aggregators, analytical dashboards, etc., could also be prohibited.

Interestingly, the application came after an important adoption of cryptographic assets in the country. Since 2022, Turkey has suffered from prolonged inflation. This prompted many of its citizens to invest in cryptographic assets, which offered relative stability compared to the national currency.

The race to invest in cryptographic assets has also appeared in the country’s cryptographic statistics. In particular, in June 2024, the Turkish LIRA became the Third fiduciary currency This was used in the purchase of crypto, taking the place of the euro.