Turkey blocks PancakeSwap and CryptoRadar for illegal services

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PancakeSwap and CryptoRadar have been blocked by the Turkish Capital Markets Board (CMB) for providing cryptocurrency services without permission on July 4th. These are the first slashing orders against decentralized exchanges (DEX) in Turkey, occurring after the CMB expanded its powers to block unlicensed platforms.

This action may reduce the trading activity of CAKE tokens on PancakeSwap in Turkey, as users may switch to other platforms due to the regulatory environment. Analysts warn that the blockade orders could lead to a decrease in TVL (Total Value Locked) and liquidity for PancakeSwap. Although there has been no public response from prominent figures in the industry, discussions about regulation may increase within the cryptocurrency community.

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