Turkish Authorities Block PancakeSwap In Crackdown On Crypto Websites

PancakeSwap reported more than $325 billion in trading volume for June, making it one of the most significant decentralized exchanges alongside Uniswap and Curve. Its unclear how Turkish authorities determined the platform had been offering “unauthorized” services.

Cointelegraph reached out to a PancakeSwap spokesperson for comment but had not received a response at the time of publication.

Regulators and authorities in certain countries have acted to block websites offering crypto services, often saying the companies had not been registered or were facilitating illicit transactions. The governments of Kazakhstan, Venezuela, the Philippines, Russia and others have previously cracked down on similar websites.

Strengthening crypto rules in Turkey

Turkeys Capital Markets Board has had full regulatory control over crypto asset service providers offering services to residents since March, when it created a framework establishing standards and requirements. Since February, crypto users in Turkey have been required to provide identifying information when executing transactions of roughly $425 or more.

Turkish residents are permitted to purchase, hold and trade cryptocurrencies, but the country banned using digital assets for payments in 2021. A local law firm was scheduled to challenge the ban in a May hearing.