The Turkish Capital Council (CMB) limited the country’s access to the Binance Smart Chain (BSC) Pancakeswap ecosystem. The reason for the authorities called the absence of a decentralized exchange license to provide cryptocurrency services.

The current legislation obliges the regulator to demand blocking access to the websites of the suppliers of crypto-acting services (CASP), which provide services without the approval of the Turkish authorities.

“Any crypto platform that works without approval of the Council of Capital markets may encounter the same result. In Turkey, suppliers of crypto services must follow certain rules established by CMB, including obtaining a license, ”the SMV said.

Officials said that along with Pancakeswap, Turkish users’ access to the Cryptoraadar cryptocurrency price comparison platform was blocked, and Uniswap, Raydium and similar platforms can be the next step. In Turkey, Pancakeswap was considered a popular platform for trading and steaking of digital assets due to low commissions and high transactions.

Turkish cryptoexpert Tansel Kaya (Tansel Kaya) declaredthat considers the blocking harmful:

“At this stage, this does not seem necessary to me. First you need to adjust the work of centralized exchanges. But, even if the activity of the DEX-Tarzhi has potential risks, the blocking of its interface does not solve the problem itself, since local users have long been using the means to circumvent the locks, which can become a solution in this case. ”

Pancakeswap blocking entails risks and financial problems for Turkish crypto -investors, since they now have to look for alternative platforms or use the services of bypassing locks, significantly increasing both operational costs and safety risks.

Earlier, the Ministry of Finance of Turkey announced the intention to tighten the supervision of suppliers of virtual assets services and cryptocurrency transactions. Officials explain the tightening of the fight against fraud and laundering of illegally obtained funds.