Turkish Regulators Target DeFi Services After PancakeSwap ban
Turkish authorities are eyeing more DeFi platforms and wallets following the recent PancakeSwap ban. The move has raised concerns about the future of decentralized finance in the country.
During the Istanbul Blockchain Week, regulators hinted at stricter rules for DeFi services. They discussed new enforcement criteria that could affect decentralized exchanges and wallets. Thes new rules would treat DeFi platforms like traditional financial services.
Ali İhsan Güngör, a top official, clarified the government’s stance. He said that while Turkish citizens can use foreign services, promoting them in Turkey is problematic. The ban on PancakeSwap (CAKE) is just the beginning. The Capital Markets Board of Türkiye is setting guidelines for DeFi platforms. Under the new framework, any DeFi service targeting Turkish users must comply with local laws. This includes non-custodial wallets.
Regulators aim to prevent unauthorized promotions. Services that don’t follow local rules face restrictions.The ban on pancakeswap shows their seriousness. The platform was blocked for marketing to locals. This action affects 47 websites, including PancakeSwap. The ban targets entities actively promoting their services to Turkish users.
Regulators are not banning all DeFi services outright. Instead, they want to control how these platforms market themselves to Turkish citizens. If a service promotes itself in Turkey, it must follow local rules. This approach aims to protect consumers while allowing access to global services.
For now, pancakeswap remains blocked. The ban affects its website, apps, and social media.The platform has no legal presence in Turkey, making it hard to get a license. Other DeFi platforms should take note. They may face similar restrictions if they target Turkish users.
