Turkey Blocks 46 Crypto Platforms In Big Crackdown: Faces Severe backlash

In a severe regulatory crackdown, Turkey has blocked access to 46 cryptocurrency platforms. Thousands of Turkish crypto users found themselves suddenly unable to access crypto trading platforms.

The Turkish financial authorities made it clear – they are targeting both centralized and decentralized exchanges.

This crackdown comes alongside the introduction of new rules for crypto exchanges operating in Turkey. This includes mandatory user verification or KYC for all platforms. There will also be withdrawal delays to allow for enhanced monitoring of suspicious transactions. 

Going ahead, there will also be increased cooperation between exchanges and authorities for reporting illicit activities. 

Turkey blocks 46 crypto platforms in sweeping regulatory crackdown

Turkey’s Capital Markets Board (CMB) blocked access to 46 unauthorized crypto platforms in July alone, including leading decentralized exchange (DEX) PancakeSwap, as part of a sweeping enforcement campaign to…

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Move Faces Severe Backlash – “In a country where inflation is high and trust in the lira is low, crypto became a lifeline”

However, the move was met with a severe backlash. Shyft network took to X to say, “Turkey just passed a sweeping crypto law. But this isn’t just about compliance — it’s about control. Turkey now requires all crypto service providers to register, follow AML rules, and comply with the FATF Travel Rule.”

“Get off the FATF grey list. But beneath that is a deeper play: extend state oversight over a fast-growing, high-adoption crypto market,” added Shyft. “In a country where inflation is high and trust in the lira is low, crypto became a lifeline. Now that lifeline is being regulated — tightly.”

But why did Turkey take this step? The Turkish government cited several reasons for this aggressive regulatory action.

Including combating money laundering and terrorism financing, proctecting consumers and maintaining financial stability. Back in 2021 the country did something similar, banning the use of crypto for payments.

The Turkish regulators ordered internet service providers to block access to 46 crypto-related websites. The affected platforms range from popular centralized exchanges to leading DeFi protocols, like PancakeSwap. 

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