Summary
- The Capital Markets Board of Turkey has reportedly ordered access restrictions on platforms providing unauthorized virtual asset services such as PancakeSwap.
- Authorities stated that, due to a legal revision last year, they now have the power to order website access blocks for unauthorized overseas virtual asset service providers.
- There are concerns that major DEXs like Uniswap and Raydium may also face similar sanctions as a result of this measure.
Turkey's financial authorities have officially imposed sanctions on the decentralized exchange (DEX) PancakeSwap (CAKE). This is the first time access to a DEX has been blocked.
According to the local media outlet Turkey Today on the 4th (local time), the Capital Markets Board of Turkey (CMB) ordered website access restrictions for both PancakeSwap and the virtual asset (cryptocurrency) price comparison platform CryptoRadar. The authorities pointed out, "Both platforms provided virtual asset services to users in Turkey without authorization."
This measure is a result of last year's legal amendment granting the CMB the authority to request website access restrictions on foreign virtual asset service providers (CASP) operating without authorization.
The authorities warned, "Any platform operating without the CMB's approval may face the same sanctions," and cautioned, "Investors should avoid using unauthorized exchanges."
The media outlet added, "There are concerns that major DEXs such as Uniswap and Raydium could also face similar sanctions following this measure."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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