28.08.2026 12:00
It is observed that LBank, a cryptocurrency exchange that is not included in any list of the Capital Markets Board of Turkey (CMB) and has a blocking order against it, continues to reach users in Turkey with Turkish-language campaigns. It is notable that crypto influencers on social media also play a role in the platform's promotional activities in Turkey. Posts examined in a Telegram channel reveal a marketing system carried out through referral codes and special campaigns.
In SPK's statement dated July 2, 2024, a crypto asset service provider resident abroad opening a place of business in Turkey, creating a Turkish-language website, or conducting promotional and marketing activities through persons and institutions in Turkey is considered as activity directed at users in Turkey. In LBank's promotions, the redirections made through social media accounts and Telegram channels draw attention. In the examined posts, it is seen that users are directed to LBank through referral links. While highly leveraged transactions are highlighted in the promotions, expressions such as "no KYC requirement" and "you will earn 99 percent" are noted to be used. In some campaigns, bonus promises ranging from 500 to 2,500 dollars are included.
The referral system also reveals the commercial dimension of these promotions. It is stated that if a user registers on the platform through a specific link or referral code, the account making the referral can earn commissions from the user's transactions. Thus, it is seen that promotions made through influencers have turned into a commission-based marketing network.
Neither in License Application Nor in Liquidation Declaration: LBank Is on No List
SPK publishes two separate lists during the transition process regarding crypto asset service providers: the "List of Those Conducting Activities" showing those who have applied to obtain an operating license, and the "List of Those Declaring Liquidation" showing those who have declared that they will terminate their activities in Turkey.
The provisional list updated by the Board this month includes 55 institutions; 9 of these consist of institutions that applied within the scope of custody services. SPK also reminds that being on the list alone does not mean that an operating license has been obtained or authorization has been granted. In other words, even the institutions on the list have not yet received final approval.
LBank, on the other hand, is not on any of these lists. The platform is not among those who have applied for an operating license, nor does it appear among those who have declared that they will terminate their activities in Turkey. In contrast, LBank is among the 108 websites for which SPK decided to block access with its weekly bulletin dated December 2024; more than 50 of the blocked sites were cryptocurrency exchanges. This picture shows that the platform is not an institution that has fallen behind in the regulatory process, but one that has remained completely outside the process.
Crypto Influencers Attract Users to Unlicensed Exchanges
The examined Telegram channel named "Lordlar Kamarası" has 14,611 subscribers. It is seen that different links and campaigns directing to LBank are shared on the channel. In one of the posts, a link directing to the referral system is given with the phrase "LBank campaign link for 20% bonus." While it is seen that the code "FATIH" is used in the link, the same post also includes the statement "You can write to @fatih_lbank for all your questions about LBank." It is noteworthy that this account is shown as a contact point within the channel to which questions about LBank are directed. Our research and news series on those who carry out the promotional and referral network of the unlicensed cryptocurrency exchange LBank in Turkey will continue.
They Deceive Users with Promises of Profit
Another post published on the channel shows more clearly how the referral system is used. In the post, existing LBank users are called with the message, "If you already have an LBank membership, delete it and open a new one; only those who register with the link I will send can benefit from the opportunity I will explain." In the same post, it is seen that the expression "get ready for the easiest profit in crypto history" is used and users are asked to complete their identity verification. It is noteworthy that users are asked to delete their existing LBank account and open a new account through the link shared by the channel. Thus, it is ensured that the new account is associated with the channel's referral link. The expression "the easiest profit in crypto history" used in the post also stands out in terms of creating high profit expectations in users.
Who Are These Crypto Influencers?
It is stated that the Telegram channel named "Lordlar Kamarası" is connected to Fırat Kurtoğlu, known as "Lord of Crypto" on social media. Kurtoğlu's past activities also draw attention. It is noted that Fırat Kurtoğlu, who in the past sold "land" on the Moon, Mars, and Venus, and "lady" and "lord" titles from England in exchange for money, today shares investment content regarding cryptocurrency markets and directs his followers to various platforms.
Sanction Table: What Is Envisaged for Whom?
Unauthorized crypto asset service provision in Turkey is no longer an administrative fault but a crime. Article 109/A added to the Capital Markets Law with Law No. 7518 states this clearly: real persons and officials of legal entities found to be conducting activities without permission are subject to imprisonment from three years to five years, plus judicial fines from five thousand days to ten thousand days. The first paragraph of Article 100 of the Law also prohibits the announcement, advertising, and all kinds of commercial communication of those conducting unauthorized activities. In other words, the promotion itself is also within the scope of the prohibition.
The Law has also precluded the defense of "we are abroad." Opening a place of business in Turkey, establishing a Turkish-language website, or conducting promotions through persons and institutions in Turkey—the existence of any one of these three is sufficient for the activity to be considered directed at Turkey. An office is not required. A Turkish website is not required. It is enough for a single account from Turkey to carry out the promotion.
This definition does not leave accounts sharing referral links outside the equation; it places them right at the center. An account that receives commissions based on transaction volume can be considered as the platform's Turkey branch when the matter comes before the law. Whether these accounts will be held responsible directly under Article 109/A or under the provisions of complicity has not yet been clarified by case law—but both are within the scope of criminal law, and the outcome of both is not acquittal but prosecution. In addition, every referral made without clearly stating the commercial relationship is considered disguised advertising within the scope of the Regulation on Commercial Advertising and Unfair Commercial Practices and the Social Media Influencers Guide, and the Advertisement Board can impose administrative sanctions for this without waiting for a court decision.
LBank Has a Criminal Record All Over the World
It is seen that LBank has come to the agenda of regulatory authorities not only in Turkey but also in different countries.
It is noted that Japan's Financial Services Agency has issued warnings about LBank for offering crypto asset services to users in the country without the necessary registration procedures. It is also reported that India's Financial Intelligence Unit listed 25 foreign crypto platforms in October 2025 under anti-money laundering obligations, and LBank was among these platforms. It is stated that Indian authorities have initiated proceedings to block access to these platforms.
Considering that LBank is on the access restriction list in Turkey yet continues its operations with Turkish promotions, and has been subject to warnings from regulatory bodies in different countries, it is evident that similar issues regarding the platform's activities have come to the fore in multiple countries.
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