21.05.2026 15:02
Facing tough regulations worldwide, cryptocurrency exchanges originating from China and Asia have set their sights on Turkey. These platforms, whose founders, CEOs, and boards are unclear, have been found to reach Turkish users without applying for a license from the CMB, bypassing access blocks by changing domain names, and continuing operations through employees and influencers in Turkey. When a victimized Turkish user demands their money back, they find no one to address. Here are the details...
The Law No. 7518, which came into effect in July 2024, and the regulations published by the Capital Markets Board of Turkey (CMB) under this law, clearly define the activities of foreign-based crypto exchanges targeting Turkish users. Accordingly, opening a Turkish website, operating a Turkish social media account, conducting promotion and marketing aimed at Turkish users, and publishing direct or indirect advertisements are considered unauthorized crypto asset service provision. Unlicensed foreign platforms must cease their activities targeting users in Turkey.
Experts state that providing unauthorized crypto asset services requires imprisonment from 3 to 5 years and a judicial fine of up to 10,000 days, emphasizing that the penalty is not limited to the platform but affects all stakeholders, including exchange managers, employees, influencers sharing referral links, and advertisers.
CHANGING NAME AFTER FACING BLOCK FROM CMB RETURNS
It has been determined that these exchanges bypass CMB's access block sanctions through simple means. The crypto exchange named KCEX was found to have abandoned its kcex.com address after CMB's access block decision and moved to the kcex.io domain, transferring its Turkish interface, leveraged trading products, and referral system run with influencers to the new address unchanged. The crypto exchange WEEX continues its operations via weex.io instead of the blocked weex.com using a similar method. LBank, one of 108 sites blocked by CMB in December 2024, continues to post on Turkish social media accounts and announce campaigns and contests despite the block.
Experts note that this situation shows how easily access blocks can be circumvented, stating that changing a domain name takes minutes and that site-based blocks are no longer a deterrent for these platforms. Reviews identified 23 platforms that continue to violate CMB's ban on Turkish language support and remain active. This list includes names such as CoinEx, Ju.com, and Tapbit alongside KCEX. It is known that some exchanges have previously received access blocks, while others have not yet faced direct sanctions. Tapbit offers Turkish users Turkish-language leveraged trading services at tapbit.com/tr and operates an official Turkish account under the username TapbitTurkish, through which it promotes campaigns, events, and the platform to Turkish users.
WHO OWNS THESE EXCHANGES?
Another common point of these exchanges is the anonymity of their owners and the individuals behind them. Investigation revealed that the crypto exchange KCEX was registered in Seychelles in 2021 with a known address, but there is no publicly available information about its founder, CEO, or board of directors. Leading data and venture tracking platforms in the sector lack management details. The exchange's own promotional text vaguely describes the team as "blockchain and financial experts." Experts emphasize that the Seychelles registration is no coincidence. They note that in this country, establishing a crypto company does not require identity verification, audited financial statements, or appointed executives; anonymity is not a flaw but a deliberate choice: this structure intentionally obscures the chain of responsibility. In the event of a possible bankruptcy or asset loss, users are left with no legal authority to apply to or even a name to address.
TURKISH USERS PAY THE PRICE OF ANONYMITY
KCEX has been documented to block a Turkish user's assets worth approximately $19,000 on the grounds of "abnormal activity." The platform's support team postponed the review period first by one month and then to the next month. Throughout the process, not a single senior executive appeared before the public to make a statement.
Experts state that in a platform lacking CMB license and with non-public management, a user's legal options are extremely limited in such grievances. They remind that international anti-money laundering standards require verification of sender and recipient information for transactions above a certain threshold, and that an exchange not implementing identity verification (KYC) and with unknown management cannot technically meet these standards. Experts note that Turkish users face a double risk: on one hand, funds can be unilaterally confiscated, and on the other, there is no counterparty to seek recourse from.
TURKISH PHENOMENA ARE ALSO PART OF THE SYSTEM
According to experts, the main mechanism enabling these exchanges to infiltrate Turkey is Turkish crypto influencers. Despite the law prohibiting not only direct promotion but also marketing "conducted through individuals or institutions resident in Turkey," influencers continue to share referral links of these platforms with their followers.
The crypto exchange WEEX was found to have organized a physical event in Turkey in February 2026, promoting its product with leverage up to 400x (400x). Dozens of Turkish influencers flocked to the event, which was broadcast live to large audiences. Names among those attending and directing their followers to the platform include Lord Of Crypto (Fırat Kurtoğlu), Nihat Çetinkaya, Coin Mühendisi, KriptoPusulası (Berk Özdeşer), Mehmet Gizik, and Caner Saltık. The matter does not end with influencers. It was determined that bot accounts controlled by the WEEX crypto exchange were activated in a coordinated manner on social media. Dozens of newly opened accounts, lacking profile pictures and with no posting history outside crypto, were seen posting messages in the same timeframe with tones like "why haven't I heard of this exchange before?" and "WEEX really makes a difference," camouflaged as organic user experiences to attract Turkish users. Experts emphasize that this "astroturf" operation adds the crime of deceptive commercial practices on top of unauthorized activity and hidden advertising.
An influencer posting on behalf of Tapbit was found to promote a campaign via a personal referral link, offering bonuses up to $600 for $1,000 and up to $4,000 for $6,666, using phrases like "no leverage limit" and "KYC not required." None of these posts include the terms "advertisement" or "sponsored content."
ACCESS BLOCK IN APP STORES INEVITABLE
Experts emphasize that website blocks alone are insufficient, as seen in the examples of KCEX and WEEX, where the block is bypassed within seconds through domain name changes. Moreover, these platforms continue to reach Turkish users via the App Store and Google Play. Recalling that South Korea and Japan have had unlicensed foreign exchanges' apps removed from stores, experts note that Turkey's current regulation also provides a legal basis for this, while warning that exchanges of uncertain ownership, no counterparties, unlicensed and originating from China and Asia, will continue to take Turkish users' money through high-leverage products pumped by Turkish influencers and, when necessary, unilaterally confiscate those funds.