Turkey Shuts Down 46 Crypto Platforms in Major Regulatory Crackdown
Turkey Intensifies Crypto Regulation: Major Platforms Blocked
Turkey’s Regulatory Crackdown on Crypto Platforms
In a bold move to regulate its burgeoning digital asset market, Turkey’s financial regulatory authority has taken significant steps to restrict access to numerous cryptocurrency platforms, including the well-known decentralized exchange PancakeSwap. In July 2025, the Capital Markets Board (CMB) revealed it had blocked 46 websites offering crypto services without the necessary authorization, citing breaches of the Capital Markets Law.
PancakeSwap, which saw trading volumes exceeding $325 billion in June, has emerged as the most notable victim of this crackdown. This action marks a pivotal moment, as it is the first instance of Turkey formally blocking a major decentralized finance (DeFi) platform, reflecting a substantial shift in its regulatory approach to the crypto sector.
New Oversight for DeFi Platforms
This enforcement initiative follows the CMB’s acquisition of comprehensive oversight authority over crypto asset service providers in March 2025. With these enhanced powers, any platform providing trading, custody, or transfer services to Turkish users is now required to register locally and adhere to a range of anti-money laundering (AML) and consumer protection regulations.
New stipulations include mandatory identity verification for transactions exceeding 15,000 Turkish lira (around $425), daily and monthly caps on stablecoin transfers, and potential withdrawal delays of up to 72 hours for specific transactions. Turkish officials assert that these measures are essential to combat money laundering, tax evasion, and fraud within the nation’s dynamic crypto landscape.
The 46 platforms targeted in this enforcement action are accused of not fulfilling these regulatory requirements, leading to a nationwide block on their services. This effectively makes these platforms inaccessible to the average Turkish user unless they utilize VPNs or other methods, which could attract further legal attention.
Turkey Joins Global Regulatory Trends
Turkey’s recent actions align with a growing trend among various countries that have tightened regulations on unauthorized or non-compliant crypto operators, including nations like Kazakhstan, Venezuela, Russia, and the Philippines. In these instances, regulators have taken decisive measures to gain control over the digital asset ecosystem, compelling platforms to either register locally or exit the market entirely.
Experts view Turkey’s crackdown as part of a larger strategy aimed at establishing a compliant and institutional-grade environment for cryptocurrencies. With rising inflation and currency volatility driving more Turkish citizens toward crypto adoption, the government is moving quickly to assert control and mitigate potential systemic risks.
While the possession and trading of digital assets remain legal in Turkey, the use of cryptocurrencies for payment purposes has been prohibited since April 2021. This latest enforcement wave indicates that Turkey is not merely interested in regulation; it seeks to delineate the conditions under which cryptocurrencies can function within its borders.
The Future of DeFi in Turkey
For international DeFi platforms, Turkey’s regulatory actions present a critical decision: either engage with national regulators and adapt to compliance requirements or risk losing access to one of the most vibrant crypto markets in the region. As the situation evolves, the Turkish crypto landscape is likely to transition from the open, borderless nature of DeFi toward a more centralized and state-regulated framework.
This pivotal moment could significantly influence how decentralized platforms approach compliance in emerging markets, not only in Turkey but across the globe.
