The ban was issued under Article 99/3 and Article 128/1(a) of the Capital Markets Law (No. 6362). These provisions empower the regulator to restrict platforms operating without a license in the country’s financial markets. 

PancakeSwap, the leading decentralized exchange (DEX) on the BNB Smart Chain, was listed alongside several other websites in the SPK’s July enforcement bulletin. The regulator ordered Turkish ISPs to block access to the platform.

Following the news, CAKE price dropped nearly 4%. 

Authorities say PancakeSwap enables financial transactions, such as token trading, staking, and yield farming, without complying with Turkish licensing requirements. 

These activities fall under capital market operations, which require formal regulatory approval in Turkey.

The SPK also ordered the blocking of associated social media accounts and mobile applications, if any, linked to unauthorized financial services.

This action is part of a wider crackdown on unregistered crypto and forex platforms. Over 60 websites were included in the latest enforcement notice, including both centralized and decentralized platforms.

Turkish regulators have previously warned investors about the risks of engaging with unlicensed service providers.

PancakeSwap remains operational globally. However, access from within Turkey is now restricted via local internet service providers.

The SPK emphasized that these steps are aimed at protecting investor rights and preventing illegal financial activities in digital asset markets.

More regulatory actions against decentralized protocols may follow as Turkish authorities align their stance with global standards on crypto oversight.