02.09.2026 10:51
Cryptocurrency exchange BingX, which is on the liquidation list of Turkey's local regulatory body SPK, draws attention with its affiliate network run through Turkish social media influencers. In the examined posts, influencers appear to share referral codes under aliases different from their usual account names on social media. Platforms such as KCEX, WEEX, and LBank, which previously operated using similar methods, had been subject to SPK's access blockage decisions.
According to the CMB's current list of crypto asset service providers, BingX's local entity in Turkey is in the liquidation process under the name "BingX TR Crypto Asset Trading Platform Inc. in Liquidation." This list is published to announce to the public the entities that will not continue their operations, and this status indicates that the company does not have an active operating license in Turkey.
This situation differs from the direct access block decisions issued against platforms such as KCEX, WEEX, and LBank. BingX's global website has not yet appeared on the CMB's list of platforms subject to site-based access blocks. However, despite its local entity being in liquidation, promotions and influencer shares for Turkish users continue on BingX's global platform through its openly accessible affiliate system.
CODED REDIRECTION IN THE AFFILIATE NETWORK The examined posts show that BingX's affiliate system is actively used in Turkey. The X account named Jön Traderlar with a blue badge shared a profit-loss card created by BingX in a post published on August 31. The card shows a 1217.88 percent profit in the "SKRUSDT Long 20X" position, while the bottom section features the "F777" logo and the "VTWTKE" referral code. This code can be verified on BingX's registration page. The registration page welcomes the user with the name "F777," and the referral code field is automatically filled with "VTWTKE."
A similar example is seen on the "@CryptoDolphyn" (MUHAFIZ) account. In a post mentioning a subscription-based "vault" service, the account shares cards showing profits of 5242 percent and 1616 percent in ETHUSDT and SOLUSDT positions, respectively. The cards include the "#guardian" tag and the "ZQF1G7" referral code. This code also corresponds on BingX's registration page to the name "#guardian" and the expression "welcome gift of up to 5,685 dollars."
ALIASES MAKE AUDIT DIFFICULT One notable point in the posts is that the names used on social media accounts differ from the names appearing in BingX's affiliate system. The accounts making the posts use the names "Jön Traderlar" and "@CryptoDolphyn (MUHAFIZ)," while the relevant referral codes correspond to the names "F777" and "#guardian" in BingX's system. This name discrepancy makes it difficult to establish a direct connection by name between the social media account making the posts and the referral code in the affiliate system. Thus, the visible account name on social media diverges from the identity used in the affiliate system.
WHAT DOES THE LEGISLATION SAY ABOUT UNAUTHORIZED ACTIVITIES AND DISGUISED ADVERTISEMENTS? Article 109/A added to the Capital Markets Law by Law No. 7518 contains penal provisions regarding the provision of crypto asset services to users in Turkey without authorization from the CMB, stipulating imprisonment from three to five years and judicial fines from five thousand to ten thousand days.
In the CMB's statement dated July 2, 2024, platforms resident abroad conducting promotional and marketing activities through persons in Turkey are also considered within the scope of activities directed at Turkey. While the CMB has the authority to request access blocks via the BTK when necessary, the KCEX and WEEX examples are among the previous instances of this practice.
Furthermore, the failure to clearly disclose commercial relationships or sponsored content in social media posts is among the issues that may be separately evaluated under the Ministry of Trade's regulations concerning commercial advertisements made by social media influencers.
Experts, on the other hand, also emphasize that an account merely posting about BingX does not automatically incur criminal liability. To determine liability, authorities need to examine factors such as the person's relationship with the platform, whether they receive commissions, the referral code used, whether the activity is directed at Turkey, and their conscious contribution to the promotion.