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- Turkey blocked 46 crypto-related websites, including PancakeSwap.
- New rules demand stricter user ID checks and transaction history disclosures.
- Government aims to stop money laundering through unlicensed crypto services.
Turkey’s financial regulator has moved quickly to clamp down on unauthorized crypto platforms. In a decisive step, the Capital Markets Board (CMB) blocked access to 46 crypto-related websites, including major decentralized exchange PancakeSwap. The move forms part of a larger campaign aimed at enforcing tighter control over the fast-growing digital asset market.
The CMB is mentioned as the basis for the legal action in the Capital Markets Act. It said that these platforms had offered unauthorized crypto services to Turkish citizens. Among the affected sites are trade platforms, price-matching equipment, and pocket services. The supervisor did not clarify why it specifically aimed at Pancakeswap, despite its important global trade volume.
Another black page, Crypto Radar, helps users match cryptocurrency prices in stock exchanges. The move sends a message to cryptocurrency firms that operate without approval. The authorities intend to ensure that all service providers comply with the country’s rules regarding transparency and agreement.
New Laws Introduce Stricter Crypto Oversight
Turkey’s recent actions are based on the legal changes in the last year. In March, the government granted the central bank (CMB) full control of crypto asset service providers. This was after increasing concerns about fraud, scams, and terrorist links related to uncontrolled digital platforms.
Was there a significant development in the AML laws for cryptocurrency in Turkey? December 2022 brought strict amendments to Turkey’s AML legislation. From December 2022, Under the new rules, they have to identify users for transactions above certain thresholds. For example, they need to collect user IDs for transactions over 15,000 lira (around $425).
Starting February 2025, the provider must also confirm the users behind the transfer from an unauthorized wallet address. If they do not comply with this, the transaction may be marked as a major risk and may be postponed or rejected. These changes ensure that the platforms can track where Crypto is coming from and where it goes.
It helps prevent poor states from hiding illegal money in complex wallet chains. Small transactions are outside these requirements, but unusual behavior can still be seen for many small transfers.
Turkey Aims to Stop Crypto-Driven Crime
The ban on the website does not end yet. Finance Minister Mehmet Simsek has supported extensive reforms. Over the past few days, he implemented a policy that users had to include 20 character comments explaining each transaction. The goal is to detect signs of money laundering, casino revenue, or fraudulently disguised income as regular crypto activity.
Authorities will postpone trades without proper information for up to 72 hours. However, they may exclude some cryptocurrency activities, such as arbitrage and market operations, if users prove the money comes from legal sources. Turkey wants to secure all the currencies that criminals want to use to change the funds secretly.
Turkey has one of the largest cryptocurrency markets in the world. The government’s recent decision shows that it is serious about regulating the industry. Turkey is expected to continue tightening its crypto laws.
This may include ensuring that users regulate extra rules for a good reason. For example, to prevent illegal activities, an exchange must determine how many people there are and track large transfers. If a transfer is seen as problematic, even small amounts can be lined up for an investigation, which can lead to further delays.
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