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Highlights
- Turkey has banned PancakeSwap and CryptoRadar, citing licensing issues.
- The ban on PancakeSwap marks the country's first sanctions on a DEX.
- The CAKE price saw a notable dip of 3% over the last 24 hours.
Turkey’s capital markets regulator has imposed its first sanctions on a decentralized crypto exchange, blocking access to Binance Chain DEX PancakeSwap. Citing licensing concerns and unauthorized service provision, the watchdog has effectively restricted Turkish users from accessing the platform.
Turkey Blocks Access to PancakeSwap
In a significant development, Turkey’s Capital Markets Board has blocked access to PancakeSwap, a Binance Chain decentralized exchange (DEX), citing “unauthorized crypto asset service provision.” According to local reports, this ban signifies the country’s first regulatory action against a decentralized exchange. The CMB’s vision to foster financial security and ensure legal compliance aligns with the global trends, as nations also step up oversight of digital assets.
Earlier this year, in April, CoinGape reported that Australian authorities launched a major crackdown on 95 firms suspected of operating ‘pig butchering’ crypto scams. Reportedly, these companies defrauded customers into investing in deceptive platforms.
Following this regulatory move, PancakeSwap’s native token, CAKE, saw a notable dip of 4% over the past day and a 5% dip over the past month. The trading volume decreased by 23.5%, reaching $50.54 million.
Regulatory Shift in Turkey’s Crypto Market
Turkey is one of the prominent countries trying to establish its footprint in the global crypto space. In 2024, the country’s crypto trading activity rose to 27%, up from 25.1% in 2023, with a notable shift towards long-term investment and financial inclusion.
Interestingly, with this growth, the county intends to introduce new crypto regulations that aim to tackle financial stability and consumer protection concerns. The regulator aims to address inherent risks like price volatility and illicit activities associated with cryptocurrencies.
Key requirements for crypto exchanges in Turkey now include enhanced KYC procedures, robust anti-money laundering (AML) protocols, and obtaining licenses to operate. These measures will promote transparency and accountability in the industry.
In addition to PancakeSwap, Turkey has also banned a crypto price comparison platform, CryptoRadar. With both platforms now blocked, Turkish investors are effectively barred from conducting transactions through these sites. Any platform operating without CMB approval risks facing similar restrictions. To ensure the safety of their investments and personal data, the CMB advises investors to move away from unlicensed crypto exchanges. They also emphasized the importance of working with licensed providers that adhere to regulatory standards.
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