Turkey Blocks 46 Crypto Platforms In Big Crackdown: Faces Severe backlash

In a severe regulatory crackdown, Turkey has blocked access to 46 cryptocurrency platforms. Thousands of Turkish crypto users found themselves suddenly unable to access crypto trading platforms.

The Turkish financial authorities made it clear – they are targeting both centralized and decentralized exchanges.

This crackdown comes alongside the introduction of new rules for crypto exchanges operating in Turkey. This includes mandatory user verification or KYC for all platforms. There will also be withdrawal delays to allow for enhanced monitoring of suspicious transactions. 

Going ahead, there will also be increased cooperation between exchanges and authorities for reporting illicit activities. 

Move Faces Severe Backlash – “In a country where inflation is high and trust in the lira is low, crypto became a lifeline”

However, the move was met with a severe backlash. Shyft network took to X to say, “Turkey just passed a sweeping crypto law. But this isn’t just about compliance — it’s about control. Turkey now requires all crypto service providers to register, follow AML rules, and comply with the FATF Travel Rule.”

“Get off the FATF grey list. But beneath that is a deeper play: extend state oversight over a fast-growing, high-adoption crypto market,” added Shyft. “In a country where inflation is high and trust in the lira is low, crypto became a lifeline. Now that lifeline is being regulated — tightly.”

But why did Turkey take this step? The Turkish government cited several reasons for this aggressive regulatory action.

Including combating money laundering and terrorism financing, proctecting consumers and maintaining financial stability. Back in 2021 the country did something similar, banning the use of crypto for payments.

The Turkish regulators ordered internet service providers to block access to 46 crypto-related websites. The affected platforms range from popular centralized exchanges to leading DeFi protocols, like PancakeSwap. 

Read More: Turkey Bans PancakeSwap: A Setback for Crypto? 

Turkey Bans PancakeSwap

Turkey’s Capital Markets Board (CMB) just shut down PancakeSwap (CAKE) for its citizens. They also blocked CryptoRadar, a crypto comparison site. Why? They said the platforms didn’t have the right papers to operate there. This is all thanks to new laws from 2024, giving the CMB the power to block crypto platforms that don’t have licenses.

This move is part of Turkey’s bigger plan to crack down on crypto and keep things in check. Basically, they want to make sure crypto platforms are legit and allegedly protect people from shady stuff. So, expect more of these bans if other exchanges don’t get their licenses in line.

After the news broke, CAKE took a 4.00% hit in just one day. Now it’s down 10% over the past month, showing the market’s not happy about these rules. PancakeSwap’s trading volume dropped hard too, down 20%, now sitting at $45.54 million.

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