Key Takeaways
- As per reports, the targeted platforms were offering crypto-related services to Turkish residents without regulatory authorization.
- The country’s crypto adoption is projected to reach a penetration rate of 28.17% in 2025
Turkey’s top financial regulator has blocked access to 46 crypto-related websites, including leading decentralized exchange PancakeSwap, as part of an intensified crackdown on unauthorised digital asset services operating in the country.
The decision was announced by the Capital Markets Board (CMB)on thursday. As per reports, the targeted platforms were offering crypto-related services to Turkish residents without regulatory authorisation.
PancakeSwap, a decentralised exchange that reportedly processed over $325 billion in trading volume in June alone, was among the highest-profile names included in the blocklist. The reasons for singling out specific platforms remain undisclosed, but the action points to growing concerns about investor protection and regulatory oversight in Turkey’s rapidly expanding crypto market.
This development comes as Turkey positions itself as a major player in the global digital asset ecosystem, with local demand for crypto surging amid inflation and currency volatility.
Crypto adoption has surged in Turkey in recent years. A 2023 report revealed that 52% of Turkish adults aged 18 to 60 have invested in crypto, which marked a 12% increase from 40% in November 2021. Yet, while the country allows residents to buy, hold, and trade cryptocurrencies, the Central Bank of the Republic of Turkey has banned its use as a payment method.
In recent months, the Turkish government has stepped up its efforts to regulate the sector. In February 2025, the Financial Crimes Investigation Board (MASAK) implemented mandatory identity verification to enhance anti-money laundering efforts. Transactions above 15,000 TL ($425) are required to provide the sender’s details and the beneficiary’s details.
Under this law, Turkey, a CMB-verified Crypto Asset Service Provider license is mandatory for crypto exchanges, wallet providers, and custodians. The minimum capital threshold for crypto firms is $4.1 million, while $13.7 million is needed for custodians. Earlier in June 2025, the country’s Finance Minister Mehmet Simsek announced new transfer limits and mandatory waiting periods for crypto withdrawals. These proposals include a daily limit of $3,000 and a monthly limit of $5,000 for stablecoin transfers.
Crypto regulation comes amid speculation that the country’s crypto adoption is projected to reach a penetration rate of 28.17% in 2025, with over 24.82 million users anticipated by next year.
