20.03.2026 11:11
Months after the Capital Markets Board banned affiliate programs for cryptocurrency exchanges, it has been determined that the global cryptocurrency exchange Bybit continues these activities uninterrupted through Turkish social media influencers. It is also noteworthy that the posts made by the influencers for a fee do not include the terms "advertisement" or "sponsored content." Here are the details…
With the Law No. 7518, which came into effect in July 2024, the Capital Markets Board (CMB) placed all cryptocurrency service providers under its supervision. With this regulation, it was explicitly prohibited for foreign platforms without a CMB license to advertise directly or indirectly to Turkish users, provide Turkish language support, and conduct affiliate programs. Following the ban, some major exchanges, including Binance, removed their Turkish language support and closed their referral programs. Bybit, on the other hand, is taking a different approach.
INFLUENCERS ARE SHARING FOR A FEE AND DIRECTING USERS
In reviews conducted on Twitter/X, Instagram, and Telegram, it was observed that Turkish social media influencers with hundreds of thousands of followers actively shared affiliate links belonging to Bybit and directed users to the platform. It was learned that commissions and additional fees were paid to the influencers in return for these shares. However, none of the posts included the terms "advertisement," "sponsored content," or "collaboration," and the content was presented as organic recommendations.
Experts point out that the affiliate system structurally creates a conflict of interest. They emphasize that influencers who earn income from this model focus on the number of users they direct rather than the reliability or risks of the platform they promote, and that a large portion of the shares made under the title "my experience" actually qualify as paid advertisements. According to experts, sharing an affiliate link can be considered as providing cryptocurrency services without permission, and the promotion made by concealing that it is an advertisement also violates the misleading advertising ban. The presence of these two violations together poses a serious risk of sanctions for both influencers and the platform.
BOTH EXCHANGE AND INFLUENCERS ARE AT RISK
Under the Law No. 7518, individuals and organizations providing cryptocurrency services without permission can be prosecuted with imprisonment of 3 to 5 years and a judicial fine of up to 10,000 days. Experts remind that these sanctions apply not only to platforms but also to influencers who share affiliate links, direct users, and engage in hidden advertising. If the content or service provider is located abroad, the BTK can directly block access to the relevant platform upon the request of the CMB.
BYBIT TR DIRECTING TO GLOBAL PLATFORM
Bybit directs users to the global Bybit platform, which is not subject to CMB supervision, through its local structure, Bybit TR, while the local structure effectively serves as a transition point.
This model is suggested to be designed as an indirect method to circumvent direct access restrictions.
Experts indicate that a local exchange in the licensing process transferring users to an unlicensed platform is not a regulatory gap but a direct violation of the legislation, and that the structure in question is also legally problematic.