While it was discussed in some circles on X, the fact that, in July, the crypto regulator in Turkey banned Turkish IP addresses from visiting was very much under-discussed on CT. Every post I see about it got minimal engagement.
Turkey had not previously discussed its regulatory stance on DeFi nor said explicitly or even implicitly that DEXs or front ends were CASPs in its view. I haven't seen any further explanation of why @PancakeSwap was singled out.
But no other DeFi offering has received similar treatment, at least not yet. And as far as I can tell, Turkey is alone in taking an action like this.
But that will probably change, as clear-eyed DeFi lawyers know. Until then, enjoy the calm and smoke'em if you got'em.
🇹🇷 Turkey Bans #PancakeSwap — Is Uniswap Next?
🚫 Turkey’s financial watchdog has officially blocked PancakeSwap $CAKE, marking the country’s first-ever crackdown on a DEX.
🗓️ On July 4, the Capital Markets Board (CMB) restricted access to PancakeSwap and CryptoRadar, citing “unauthorized crypto service provision.” This follows strict 2024 regulations that allow the CMB to block foreign crypto platforms operating without a license.
💡 What’s at stake?
🔸 Other major DEXs like Uniswap $UNI and Raydium $RAY could be next in line for restrictions.
🔸 DeFi tools, aggregators, and analytics platforms may also face bans.
🔸 Regulated crypto services remain legal — Turkish bank Bank Pozitif recently partnered with Taurus to launch licensed crypto offerings. 🏦
📊 Why now?
🔥 Turkey’s inflation crisis has driven citizens to seek stability in crypto.
💱 In 2024, the Turkish lira (₺) became the 3rd most-used fiat globally for purchasing crypto, overtaking the Euro.
🔐 Authorities say the crackdown aims to prevent money laundering and protect investors.
⚠️ The Bottom Line:
Turkey’s DeFi crackdown is gaining momentum — PancakeSwap is just the start, and platforms like Uniswap could be next under fire. 🚨
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