Turkey bans 46 websites including PancakeSwap for providing "unauthorized cryptocurrency services" to residents

ChainCatcher news, according to Financefeeds, the Turkish Capital Markets Board (CMB) has taken legal action to block 46 cryptocurrency-related websites, including the major decentralized exchange PancakeSwap, on the grounds that these platforms provide "unauthorized cryptocurrency services" to Turkish residents.

Since March of this year, the CMB has been fully regulating cryptocurrency service providers operating in Turkey, establishing a new licensing and compliance framework. In February of this year, Turkey implemented new regulations requiring users to provide identification for cryptocurrency transactions exceeding 15,000 Turkish Lira (approximately $425). Although buying and holding cryptocurrencies remains legal in Turkey, the country banned the use of digital assets for payments in 2021.