Turkey Bans PancakeSwap in Decentralized Exchange Crackdown: Could Uniswap Be Next?

Turkish Authorities Block Access to PancakeSwap and CryptoRadar

On July 4th, Turkish regulators took decisive action against decentralized exchanges (DEXs), issuing a nationwide ban on popular platforms like PancakeSwap (CAKE). The Capital Markets Board (CMB), Turkey’s financial authority, cited unauthorized crypto asset service provision as the primary reason for restricting access. Alongside PancakeSwap, the crypto comparison service CryptoRadar was also blocked.

Officials stated that both platforms failed to meet Turkey’s strict licensing and regulatory requirements, recently updated in 2024. These laws grant the CMB enhanced powers to restrict foreign cryptocurrency services operating without approval inside the country.

Stricter Regulations for Crypto Exchanges in Turkey

Earlier this year, the CMB unveiled revised crypto asset service provider regulations, intensifying transparency and compliance demands. All crypto exchanges must now supply monthly account statements to users and fully disclose every transaction detail. The agency’s supervision has primarily targeted centralized exchanges like Binance and FTX in the past, but the new ban marks the first effort to enforce rules against decentralized platforms.

Implications for Other Decentralized Exchanges

The PancakeSwap ban raises concerns that major DEXs such as Uniswap (UNI) and Raydium could soon face similar restrictions. In addition, the crackdown may extend to DEX aggregators, analytics dashboards, and other crypto-related service platforms, highlighting Turkey’s ongoing push for crypto regulatory compliance.

Crypto Adoption Soars Amid Economic Challenges

Despite the increased regulatory scrutiny, Turkey continues to recognize licensed and compliant crypto exchanges; the launch of new crypto services by Bank Pozitif and Taurus in March 2025 demonstrates ongoing institutional trust in blockchain technology.

Turkey’s tough crypto stance follows a dramatic surge in digital asset adoption. Facing persistent inflation since 2022, many Turkish citizens have turned to cryptocurrencies as a hedge against the volatility of the lira. In June 2024, the Turkish lira became the world’s third most-used fiat currency for crypto purchases, surpassing the euro, underscoring the nation’s growing significance in the global cryptocurrency ecosystem.