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

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

The Turkish financial authorities have clarified: both centralized and decentralized exchanges are targeted.

This repression approaches the introduction of new rules for cryptocurrency exchanges operating in Türkiye. This includes verification of the compulsory user or Kyc for all platforms. There will also be retaining delays to allow an improvement in the monitoring of suspicious transactions.

Going forward, there will also be greater cooperation between exchanges and authorities for the reporting of illegal activities.

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Move severe back faces – “In a country where inflation is high and trust in the lira is low, Crypto has become an anchor of salvation”

However, the move was accepted with a serious repercussions. Shyft Network has led to X to say: “Turkey has just passed a strong cryptographic law. But it is not just conformity – it is control. Turkey now requires all encryption providers to register, follow the AML rules and respect the fat -trip rule.”

“Get off the list of fats fat. But under this it is a deeper game: Extend the state supervision on a rapidly growing high adoption cryptocurrency market, “added Shyft.” In a country where inflation is high and trust in the lira is low, Crypto has become an anchor of salvation. Now that rescue anchor is adjusted, strictly. “

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

Including the fight against money laundering and terrorism financing, in procosing consumers and in maintaining financial stability. In 2021 the country did something similar, prohibiting the use of cryptocurrency for payments.

Turkish regulators ordered internet service providers to block access to 46 websites relating to cryptocurrencies. The platforms concerned range from the famous centralized exchanges to the main Defi protocols, such as Pancakeswap.

To find out more: Türkiye Bans Pancakeswap: a setback for Crypto?

Turkey prohibits pancakeswap

The Türkiye Capital Markets Board (CMB) has just closed Pancakeswap (cake) for its citizens. They also blocked Cryptoradar, a cryptocurrency comparison site. Why? They said that the platforms did not have the right documents to operate there. This is all thanks to the new laws of 2024, giving CMB the power to block the cryptographic platforms that have no licenses.

This move is part of the largest plan in Türkiye to repress the cryptoval and keep things under control. Basically, they want to make sure that the cryptographic platforms are legitimate and presumably protecting people from shady things. So, wait more than these prohibitions if other exchanges do not lift their licenses.

After the news, Cake suffered a 4.00% blow in one day. It is now down 10% compared to the last month, showing that the market is not happy with these rules. The commercial volume of Pancakeswap has also decreased hard, falling by 20%, now at $ 45.54.

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  • Thousands of Turkish cryptocurrency users suddenly found themselves unable to access cryptocurrency trading platforms, after Turkey has blocked 46 cryptographic platforms.

  • Turkey’s relationship with cryptocurrencies has been turbulent. After the ban on 2021 payments, the regulators have constantly increased their control of the sector.

The Post Türkiye blocks 46 cryptographic platforms in Big Ropredown: Faces Grave Backlash appeared first out of 99 bitcoins.

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