Turkey Blocks 46 Crypto Sites, Including PancakeSwap

The regulator of Turkey has banned 46 crypto sites including PancakeSwap; reason being that their activities are not authorized. It is one of the largest crackdowns of a decentralized platform in Turkey. An example of a decentralized exchange (DEX) is PancakeSwap, which in June 2025 completed the turnover of 325 billion dollars. The step represents an offensive approach by Turkey against illegal crypto activities.

In 2024, crypto market in Turkey rose and became the fourth-largest across the globe. The increase was accelerated by 50 percent of the Turkish lira depreciation. This has also led to the high interest in digital assets. In 2021, CBT prohibited the use of crypto as a medium of payment. The new offensive is aimed at those platforms therefore, that did not get a license. The move discourages the story that decentralized finance (DeFi) can do its own thing, free of regulation.

Regulatory Impact on DeFi and the Future of Crypto in Turkey

The block of crypto sites is the most recent move of the continuous regulatory approach in Turkey. Nevertheless, a research by Bank for International Settlements (2023) shows that URL-blocking might not be a long term. Use of VPN converts such blocks to where their citizens are able to avoid such blocks which has already happened. According to the experience of India, the prohibition of crypto exchanges in 2025 resulted in the transition. Specifically, in trade to foreign platforms rather than the abolition of it completely.

This regulatory step taken by Turkey indicates the increasing interest in the lack of regulation in the crypto world. As it tries to dominate the DeFi industry, its growing reliance on VPNs would push users towards using platforms that are not under the Turkish jurisdiction. Nonetheless, the DeFi proves to be robust, and the crypto demand increases, particularly in countries where the currencies are volatile, as in the case of Turkey.

A Shift in Turkey’s Crypto Strategy

The fact that Turkey has decided to act against crypto websites indicates that the country is changing its stance on digital finance. At the same time as the crypto market in the country keeps expanding, the government appears to be interested in establishing control. Popularity of platforms such as PancakeSwap and emergence of decentralized exchanges demonstrate higher impact of DeFi on the world markets. Regulatory efforts by the government are bound to keep transforming. And, the country is surely hunting a balance between innovation and control.

The future of the Turkish digital finance sector will be determined by the policies of the country due to its onward evolution in crypto. The crackdown on the crypto platforms may spillover to the regulation of DeFi in other countries. Although Turkey is attempting to dominate the market, the decentralization trend is not likely to come to a standstill in the nearest future.