In a significant move, Turkey’s regulatory authority has blocked access to the websites of decentralized exchange PancakeSwap and analytical platform CryptoRadar.
The stated reason for the ban is the provision of crypto-asset services without proper authorization. This marks the first instance of Turkey imposing sanctions on a decentralized exchange (DEX), signaling a tightening grip on the country’s cryptocurrency ecosystem.
The crackdown comes in the wake of the high-profile collapse of the Turkish crypto exchange Thodex in 2023, which was embroiled in a major scam that eroded public trust and prompted stricter oversight. In response, Turkish authorities introduced new anti-money laundering (AML) regulations in early 2025, mandating verification for all transactions exceeding $425.
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Further intensifying scrutiny, regulations enacted in late June 2025 require crypto platforms to collect detailed information on the origin and purpose of every transfer. Additionally, users must provide a description of at least 20 characters for each transaction. Failure to comply results in transaction delays of 48 to 72 hours, adding friction to crypto operations in the country.
This unprecedented action against PancakeSwap, a prominent DEX, and CryptoRadar, a key analytics tool, underscores Turkey’s broader push to regulate the crypto sector more stringently. The measures reflect growing concerns over financial security and compliance, but they also raise questions about the future accessibility of decentralized platforms in Turkey’s increasingly regulated market.
