04.08.2026 14:00
The Capital Markets Board has banned campaigns that provide benefits to individuals who bring customers to crypto platforms or to the customers they bring. Despite this, Crypto.com's Turkish help center still features a referral program based on KYC, transaction volume, and CRO rewards. Turkey is also not listed among the countries where the program is not implemented. Here are the details...
Crypto.com's March 9, 2026, "App Referral Program" invites users to refer new customers to the platform using a referral code. For the new customer to earn a reward, they must complete the KYC process and make a transaction within the first 30 days.
No reward for new customers without making a transaction
The program has four transaction thresholds ranging from $100 to $5,000. As the new customer reaches these thresholds, both they and the user who brought them to the platform earn CRO rewards.
In the "all other eligible countries" category, reaching a transaction volume of $5,000 entitles both parties to a reward worth $50. Thus, the existing user's earnings are tied to the transaction volume of the customer they brought in.
On Crypto.com's current English page, the United Kingdom, South Korea, Uganda, and Singapore are excluded from the program. Turkey is not among these countries. Although the company states that participation is not possible if the product is not offered in the relevant region, it does not publish an explicit ban for Turkey.
$30,000 customer race
Crypto.com announced a $30,000 CRO prize pool for users who generate the most customers and transaction volume during the February 2026 period.
Participants were required to bring at least three new customers, and these individuals had to generate a total transaction volume of $1,000. A $25,000 prize was allocated for the first 200 users, while those meeting the conditions were also included in a $5,000 draw.
The page states that the competition will be renewed every month. However, the last publicly detailed period is March 2026. It is not confirmed that the competition is still ongoing in August 2026.
SPK's ban directly targets this model
Article 30/5-c of the Communiqué No. III-35/B.1, which entered into force on March 13, 2025, prohibits promotional campaigns that provide benefits to individuals who bring in customers or to the customers they bring.
In Crypto.com's program, both parties are rewarded together. Moreover, the reward is tied to the new customer completing the KYC process and generating transaction volume.
Experts note that this structure cannot be considered an ordinary friend invitation. The existing user turns into a paid marketing tool that generates new customers and transaction volume. If it is determined that the program can be used from Turkey, a need for review under Article 30/5-c of the Communiqué arises.
Company in liquidation, new customer question
In a previous investigation by Haberler.com, it was revealed that Foris DAX TR, shown as the service provider in Crypto.com's Turkey user agreement, is on the SPK's liquidation list.
Organizations that choose liquidation should not accept new customers. In contrast, Crypto.com's Turkish page asks existing users to bring in new customers and requires new customers to complete the KYC process and make transactions.
If it is determined that the program can be used from Turkey, it must be clarified which company accepts the customers, which legal entity distributes the rewards, and under which contract the transactions are carried out.
Referral network also under review scope
If unauthorized crypto asset service provision targeting Turkey is detected, the chain of sanctions may not be limited to the platform.
Under Article 109/A of Law No. 6362, real persons conducting unauthorized activities and officials of legal entities may face imprisonment from three to five years and judicial fines from five thousand to ten thousand days.
The SPK can request access blocking for internet addresses linked to unauthorized services.
Experts state that Crypto.com's Turkish referral page, the possibility of participation from Turkey, and the legal entity running the program should be examined by the SPK.