The Capital Markets Board of Turkey (the country's financial regulatory authority) has announced that it has blocked access to websites "providing unauthorized cryptocurrency services."
In a notice on Thursday, the Capital Markets Board stated that it has taken legal action against 46 websites, including the decentralized exchange PancakeSwap and Cryptoradar, as part of a crackdown on providing cryptocurrency services to Turkish residents. The regulatory authority cited the country's Capital Markets Law as the legal basis for blocking these websites.
PancakeSwap reported a trading volume exceeding $325 billion in June, making it one of the most significant decentralized exchanges alongside Uniswap and Curve. It remains unclear how Turkish authorities determined that the platform has been providing "unauthorized" services.
Cointelegraph reached out to a PancakeSwap spokesperson for comment but had not received a response by the time of publication.
Regulators and authorities in certain countries have taken action to block websites providing cryptocurrency services, often claiming that these companies are unregistered or facilitating illegal trading. Governments in Kazakhstan, Venezuela, the Philippines, and Russia have previously cracked down on similar websites.
Since March, the Capital Markets Board of Turkey has had full regulatory control over cryptocurrency service providers serving residents, having established a framework for setting standards and requirements. Since February, Turkish cryptocurrency users have been required to provide identification information when executing transactions of approximately $425 or more.
Turkish residents are allowed to buy, hold, and trade cryptocurrencies, but the country banned the use of digital assets for payments in 2021. A local law firm was scheduled to challenge the ban at a hearing in May.
Related: Crypto CEX spot trading volume hits a nine-month low, with increasing divergence between institutions and retail investors.
Original article: “Turkish Authorities Block PancakeSwap in Crackdown on Crypto Websites”
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