31.03.2026 18:54
Despite the ban on SPK, Turkish crypto influencers continue to share Bybit referral links. Scans conducted on Twitter revealed that many Turkish cryptocurrency influencers are still actively posting Bybit referral links. Here are the details…
With the law numbered 7518, which came into effect in July 2024, the Capital Markets Board (CMB) explicitly banned unlicensed foreign crypto platforms from referral programs aimed at Turkish users. Despite nearly two years passing, social media influencers working with Bybit continue to violate this ban in practice. It has been documented that Bybit's affiliate program was previously introduced, its website is available in Turkish, and Turkish influencers and trader groups are actively directing users to Bybit.
INFLUENCERS ARE DIRECTING USERS TO LEVERAGED TRADING
In Twitter posts, it was observed that many crypto influencers actively published Bybit affiliate links. While the posts direct users to leveraged trading and the Bybit registration link, clicking on the shared links opens the influencers' referral system pages on Bybit. It is known that influencers receive USDT payments from exchanges for each new user. None of the examined posts include the terms "sponsored content," "advertisement," or "collaboration."
TWO VIOLATIONS TOGETHER
Experts point out that the mentioned posts harbor two separate legal risks simultaneously, stating that sharing referral links will be considered as providing unauthorized crypto asset services under the law numbered 7518, which foresees imprisonment of 3 to 5 years and a judicial fine of up to 10,000 days for those providing unauthorized crypto asset services under this law. Additionally, presenting paid advertisements to the public as organic recommendations independently violates the misleading advertising ban. When two violations occur together, a serious sanction risk emerges that encompasses both the influencer and the platform.
WHY IS THE REFERRAL MODEL BANNED?
Experts emphasize that the referral system structurally creates a conflict of interest, as in this model, the earnings of influencers depend not on the reliability of the platform they promote or the user's actual profit-loss situation, but on how many people they direct to the platform. Especially the promotion of high-risk products like leveraged trading with posts that carry a "you can easily win" tone makes it difficult for users to access impartial information. The majority of posts made under the title "my own experience" actually qualify as paid advertisements.