12.10.2026 15:01
A $2 million fine and permanent operating ban in Canada, an access block in India, a criminal complaint in Thailand, and an investor warning in the UK… The cryptocurrency exchange XT.com, which has faced sanctions from regulatory authorities in many countries, continues to gain users in Türkiye through its Turkish website, mobile app, and referral campaigns despite not having an operating license from the Capital Markets Board of Turkey (SPK).
The overseas-based cryptocurrency exchange XT.com is not included in the publicly available lists of the Capital Markets Board of Turkey (SPK) regarding authorized crypto asset service providers. Nevertheless, the platform accepts user registrations through its Turkish-language website and offers spot and leveraged trading services via its mobile app. It also promises commissions of up to 50 percent to those who bring in new users through its Turkish-language affiliate program.
According to Article 99/A of the Capital Markets Law No. 6362, for an overseas-based platform to create a Turkish-language website or conduct marketing activities aimed at persons in Turkey is by itself sufficient for the activity to be considered directed at Turkey. Article 109/A of the Law provides for imprisonment of 3 to 5 years and a judicial fine for unauthorized crypto asset service provision.
PERMANENT BAN IN CANADA, ACCESS BLOCK IN INDIA AND THAILAND
In recent years, XT.com has faced sanctions and warnings from regulatory bodies in many countries. In Canada’s Quebec region in 2023, a decision was issued imposing a total administrative fine of 2 million dollars on XT.COM Exchange and BZ Limited. The platform’s activities in the region were permanently banned, and users were asked to withdraw their assets and close their accounts. The Ontario Capital Markets Tribunal also permanently banned XT.com from the capital markets in March 2025.
In September 2026, India’s Financial Intelligence Unit initiated access-blocking actions against 15 platforms, including XT.com, on the grounds of non-compliance with anti-money laundering legislation. In Thailand, after the regulator filed a criminal complaint over unlicensed activity, access to the platform’s website and applications was blocked.
The UK Financial Conduct Authority (FCA) warned investors that XT.com may be providing financial services without authorization. Regulatory bodies in Dubai, Seychelles, Malaysia, and Spain also published various warnings about the platform.
IT GAINS USERS IN TURKEY WITH 50 PERCENT COMMISSION
While XT.com has encountered sanctions in different countries, it continues its activities in Turkey through its Turkish-language website and mobile application. In the Turkish application the platform offers via Google Play, futures and leveraged transactions are promoted, while on its website users are directed to open new accounts.
In XT.com’s Turkish affiliate program, those who bring new users to the platform are promised commissions of up to 50 percent on spot and futures transactions. While promotional and incentive practices aimed at customer acquisition by authorized crypto asset service providers in Turkey are restricted by Capital Markets Board regulations, it attracts attention that XT.com, which does not have an operating license, continues such campaigns.
XT.com’s user agreement lists one by one the countries it does not serve: the USA, Canada, China, Cuba, North Korea, Singapore, Sudan, Venezuela, and Crimea. Turkey is not on this list. In a promotional article published in 2023, the platform also explicitly listed Turkey among the markets it serves.
$1.7 MILLION SECURITY INCIDENT AND UNCLEAR CORPORATE STRUCTURE
In November 2024, XT.com temporarily suspended withdrawals, citing wallet maintenance work. In the same period, blockchain security firm PeckShield detected suspicious transfers worth approximately 1.7 million dollars in wallets linked to the platform. While confirming the unusual transfers, XT.com announced that user assets would not be affected.
The platform’s corporate structure also raises questions. While different company names linked to XT.com appear in official decisions in Canada and India, the reviewed user agreement shows that information regarding the legal entity operating the platform is limited. This raises the question of which company users would legally address in the event of a possible loss of funds or withdrawal problem.
RISK IS GROWING FOR TURKISH USERS
Authorized crypto asset service providers in Turkey are subject to regulations regarding the protection and safekeeping of customer assets. In contrast, users who trade on overseas-based platforms without SPK authorization may face more complex legal processes to seek their rights in the event of possible grievances.
The fact that XT.com, which has faced fines, activity bans, and access blocks in different countries around the world, continues to gain users in Turkey through Turkish-language services and referral campaigns brings back to the agenda the effectiveness of supervision of unauthorized cryptocurrency platforms and how Turkish investors will be protected.