29.10.2026 23:16
The foreign-based forex company XM, whose website has been blocked from access in Turkey since 2022 by a decision of the Capital Markets Board (SPK), continues to publish bonus and leverage advertisements on its Turkish YouTube channel. In the video descriptions of Turkish YouTubers with a total of more than 300,000 subscribers, registration links and partner codes belonging to XM's affiliate system are included. The SPK had announced that criminal complaints would be filed against those who promote or advertise unauthorized leveraged transactions.
XM's activities in Turkey had come to the agenda with the news published by Haberler.com on August 25, 2026. In that report, it was stated that the company reached Turkish investors through Telegram channels and partner codes. In the new review, it was seen that XM's Turkish promotion continued through the company's own channels and high-subscriber YouTube content creators.
BONUS ADS ON XM'S TURKISH CHANNEL There are 224 videos on XM's “XM Türkiye” YouTube channel. The title of a video published on the channel in the last month was “Invest in forex with XM | Deposit bonuses exceeding $5,000.” Another previously published video used the phrase “Invest in the SpaceX IPO with XM | 100% deposit bonus.”
In one of the latest videos uploaded in October, the company's leverage product was introduced in Turkish under the title “XM stable leverage.” The video thumbnail features the phrase “Take control with XM's stable leverage” and the “1000:1” ratio.
XM Türkiye YouTube channel: The thumbnails show the leverage “1000:1” and the phrases “deposit bonuses exceeding $5,000.” (21.10.2026) SITE ACCESS BLOCKED FROM TURKEY When attempting to access the company's website from Turkey, a page opens stating that the xm.com address is blocked from access by the SPK decision dated July 22, 2022, and numbered E-32992422-299-24035. The xmglobal.com address is also blocked by the SPK decision dated July 29, 2022, and numbered E-32992422-299-24341.
On the Turkish-language site accessible from abroad, there is a call to “Get Your Welcome Bonus.” The US, Canada, Israel, and Iran are listed among the countries where the site does not provide services; Turkey is not on this list. The site's footer states that XM Global Limited is regulated by the Belize Financial Services Commission (FSC) under license number 8557558. XM is not included in the SPK's list of authorized intermediary institutions.
The access-blocking page that opens when the xm.com address is entered from Turkey. (21.10.2026) In the bulletin it published in October 2025, the SPK had also decided to block access to the domain name xmtrtrading.me, which bears the XM name, and to the addresses of this domain with the “my” and “partners” extensions.
“BONUS REGISTRATION” LINKS ON YOUTUBE In a review conducted with the YouTube searches “XM registration code,” “XM partner code,” and “XM bonus,” registration links with the “affs.click” and “clicks.pipaffiliates.com” extensions belonging to XM's affiliate system, along with partner codes, were identified in the descriptions of numerous Turkish videos published between late 2025 and October 2026. The reviewed affs.click links redirect to the xm.com address, access to which from Turkey is blocked by SPK decision. The partner code is used to determine through which business partner the registration was made.
The videos explain step by step how to register with XM, how to complete identity verification, how to deposit and withdraw money to and from the account via cryptocurrency platforms such as Binance, and how to receive bonuses.
WHAT IS WRITTEN ON WHICH CHANNEL? Ekin Yüzbaşıoğlu (93.1 thousand subscribers): In the descriptions of many videos, including those published in October 2026, the phrases “XM BONUS REGISTRATION link” and “XM BONUS REGISTRATION code: EKINYZBB” appear. In the same descriptions, the tags “#ad” and “#notanad” are used side by side. The channel's Telegram group has more than 35 thousand members.
Description of Ekin Yüzbaşıoğlu's video dated October 19, 2026: “XM BONUS REGISTRATION code: EKINYZBB” and the tags “#ad #notanad.” Atamert Uysaler (103 thousand subscribers): In the description of the video titled “How Does the XM Bonus System Work? I Deposited $50 › It Instantly Became $100!”, published in December 2025, XM's affiliate link is shared with the note “To Review XM and Get Discounted Membership.” The description also mentions a 1:1000 leverage ratio.
Description of Atamert Uysaler's video dated December 2, 2025. Melik Berşah (80 thousand subscribers): In the video titled “JUST SIGN UP AND WIN A $30 BONUS!”, published in November 2025, an affiliate link appears with the note “Sign up here with XM Global Trading and get the $30 bonus.” The XM videos published by the channel in July and August 2026 were watched between 12 thousand and 25 thousand times.
Description of Melik Berşah's video dated November 29, 2025. Borsa Workout (17.1 thousand subscribers): In the video titled “How to Register with XM in 2026?”, “Bonus Code (87YR7)” and the registration link are shared. The channel's video explaining how to deposit and withdraw money to and from XM with Binance Pay was watched more than 12 thousand times.
BRK TRADE (10.9 thousand subscribers): In the description of the video dated December 2025, right below the phrase “Exclusive XM Partner Code: 72TQT” is the note “This content is not intended for advertising purposes; it is for personal research.”
Description of BRK TRADE's video dated December 18, 2025: Partner code and the note “This content is not intended for advertising purposes.” BİTCOŞAR (7.3 thousand subscribers): In the 9-part “XM Global” series published in September 2026, account opening, depositing money, and bonus steps are explained. In the description, “IBRAHIM” is given as the partner code.
SHARED UNDER THE HEADING “OFFICIAL PARTNERS” Similar content is also found on smaller channels. One channel lists XM Global under the heading “OFFICIAL PARTNERS.” In another channel's description, for users who register with the partner code, the phrase “After you send your UID, I will add you to a private Telegram group” appears. Among the reviewed channels, only one content creator was identified as using the “#collaboration” tag in the description.
LEVERAGE IN TURKEY IS 10 TO 1, IN VIDEOS 1000 TO 1 With the regulation it made in 2017, the SPK reduced the maximum leverage ratio in leveraged transactions at authorized institutions in Turkey to 10 to 1 and introduced a minimum initial margin requirement of 50 thousand lira to start transactions. In the reviewed videos, however, offers such as 1:1000 leverage, a $30 welcome bonus, and a bonus equal to the deposited amount are highlighted. The “1000:1” ratio is also used on the cover of a video on the XM Turkey channel.
CMB: CRIMINAL COMPLAINT AGAINST THOSE WHO PROMOTE AND ADVERTISE In its press release published on February 23, 2023, the CMB stated that investors resident in Turkey could carry out leveraged transactions only through institutions authorized by the Board, and that leveraged transactions conducted by unauthorized persons constituted the crime of “unauthorized capital market activity.” Article 109, paragraph 2, of Capital Markets Law No. 6362 provides for imprisonment from 2 to 5 years and a judicial fine from 5,000 to 10,000 days for unauthorized capital market activity.
In the same press release, it was stated that criminal complaints would be filed against persons who promote or advertise these activities and those who allow their bank accounts or telephone lines to be used for this purpose, and that access would be blocked to websites determined to have had unauthorized leveraged transactions carried out.
ADVERTISEMENT STATEMENT BECAME MANDATORY With the amendment to the Regulation on Commercial Advertising and Unfair Commercial Practices of the Ministry of Trade, which entered into force on August 1, 2026, it has become mandatory to clearly state that content is an advertisement in promotions made on social media.
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