01.06.2026 17:30
Despite the SPK's access block decision, KCEX, which continues to offer Turkish language support, runs affiliate programs with influencers, and has managers who are not publicly known, poses serious risks for Turkish users. Here are the details...
In December 2024, the CMB decided to block access to 108 crypto platforms, including KCEX, for unauthorized operations. Under Law No. 7518, foreign crypto platforms without a CMB license are explicitly prohibited from offering Turkish language support and conducting advertising and marketing activities targeting Turkish users. Following the access ban, KCEX chose a different path instead of complying: when kcex.com was blocked, it switched to the kcex.io domain and continued its Turkish interface, leveraged trading products, and referral system via the new address.
AFFILIATE ACTIVITIES WITH INFLUENCERS CONTINUE UNINTERRUPTED
Investigations have found that KCEX continues to run affiliate collaborations with Turkish crypto influencers. The official Turkish X account managed under the username @KCEX_Turkey continues to publish Turkish content, and campaigns and promotional posts targeting Turkish users are being made. It has also been determined that influencers continue to share KCEX affiliate links with their followers. None of the reviewed posts contain the terms "advertisement," "sponsored content," or "collaboration." Experts note that Law No. 7518 covers not only direct promotions but also marketing activities conducted "through individuals or entities resident in Turkey," and that influencers sharing affiliate links also fall under the scope of sanctions.
WHO OWNS KCEX?
What makes KCEX's activities in Turkey even more problematic is that the platform's management structure is completely anonymous. The exchange was registered in Seychelles in 2021. No publicly available information about its founder, CEO, or board of directors can be found on global crypto data platforms or venture tracking sites. On the exchange's own website, the team is merely glossed over in the promotional text as "consisting of experts from the blockchain and finance sectors."
Experts emphasize that the Seychelles registration is no coincidence. In this country, establishing a crypto company does not require real identity verification, audited financial statements, or the appointment of authorized managers. Pointing out that this structure deliberately obscures the chain of responsibility, experts underline that in the event of a potential asset loss or account freeze, Turkish users have no legal authority to appeal to, nor even a name to address.
USER GRIEVANCES EXPERIENCED
As previously documented, KCEX blocked a Turkish user's assets of approximately $19,000 on the grounds of "abnormal activity." The platform's support team postponed the review period first to May, then to June 2026. Throughout the process, no senior executive came forward to make a public statement. Since KCEX does not have a CMB license in Turkey, there is no authorized Turkish authority for the user to apply to.