Access Block Imposed on Decentralized Cryptocurrency Exchange PancakeSwap

The Capital Markets Board (CMB) has decided to impose an access block on the decentralized cryptocurrency exchange PancakeSwap. This decision, consistent with regulations, marks a first of its kind in this sector.

A significant move has come from the Capital Markets Board (CMB) targeting PancakeSwap, one of the world’s largest decentralized cryptocurrency exchanges. The authority has decided to block access to the exchange, which does not hold a license in Turkey. This decision, while compliant with regulations, does not yet appear to have been implemented. Let’s delve into the details.

One of the articles in the cryptocurrency law that came into force last year pertained to cryptocurrency trading platforms headquartered abroad. According to the relevant regulation, these firms would be required to obtain a license and meet the necessary conditions for this license to continue providing services in Turkey. Since PancakeSwap did not undertake such an initiative, a decision was made to block access to the platform. Additionally, beyond PancakeSwap, an access block has also been decided for CryptoRadar.

A First in Turkey!

Previously, we have seen unlicensed cryptocurrency platforms being shut down in Turkey. However, the CMB’s decision marks a first in the category of decentralized exchanges. Moreover, this decision may not remain the first and only. For instance, Uniswap, another platform as popular as PancakeSwap, has reportedly not obtained a license in Turkey either. It remains to be seen whether the CMB will make a similar decision for Uniswap.

Please note: The access block decision has not yet been implemented. Our checks show that both PancakeSwap and CryptoRadar platforms are currently accessible. Furthermore, the Information and Communication Technologies Authority (BTK) website query page does not show any access block explanation for either platform.

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