27.06.2026 12:01
Global cryptocurrency exchange WEEX, operating without a license in Turkey, continues its activities despite an access restriction imposed by the Capital Markets Board (SPB). The platform, which allows the theft of Turkish users' assets through its copy-trade system, directs users to leveraged transactions via Turkish social media accounts. It also attempts to attract new users through bot accounts. A recent victimization case has fully revealed how the system operates.
A Turkish investor who posts on Platform X under the username smZ_666 disclosed his grievances to the public along with all transaction records. The user stated that he deposited $1,000 into the platform to join the copy-trade account of the influencer named KriptoBugraTw on WEEX. However, just three hours after the investment, his account balance dropped to $77. An examination of the transaction records revealed an even more striking picture. The influencer opened positions of approximately $100 in the BTC/USDT pair with 400x leverage, repeating the same transaction a total of 38 times in a short period. Thus, a transaction volume of about $1.1 million was generated from a $1,000 balance, and a total of $684 in transaction fees were charged to the user.
Under the WEEX affiliate program, 80% of this commission income is directly transferred to the influencer's account. In this method, known as "fee churning" in crypto markets, excessive trades are opened in copy-trade investors' accounts to generate high commissions. As a result, the user suffers losses from the trades and incurs a second loss by paying high commissions. After the incident trended on social media, the influencer KriptoBugraTw closed his X account. WEEX, however, continues its operations uninterrupted.
BYPASSING THE SPK BAN BY CHANGING THE DOMAIN NAME
In its bulletin dated March 4, 2026, the SPK imposed access restrictions on 46 websites found to be operating without a license in Turkey. WEEX was also on this list, and access to the weex.com domain was blocked. However, the platform quickly switched to the weex.io domain, continuing its Turkish content, leveraged trading services, and marketing activities through the new address. Thus, the access ban was effectively neutralized simply by changing the domain name.
Experts note that this is not an isolated case. Previously, KCEX similarly moved to kcex.io after its kcex.com domain was blocked. South Korea and Japan have prevented this method by removing unlicensed exchanges' applications from the App Store and Google Play. In Turkey, however, no similar practice exists yet.
INFLUENCERS CONTINUE PROMOTING THE BANNED PLATFORM
It appears that some crypto influencers with large followings in Turkey are actively promoting WEEX campaigns. In a post dated May 7, 2026, crypto influencer Mehmet Gizik announced the winners of a sofa giveaway, including the WEEX logo and campaign visuals in his post. He directed followers who did not win to the platform with the words, "See you next month with new prizes." Kriptoteless, on the other hand, shared the SpaceX-themed WEEX campaign with the message "Get your share from the $60,000 prize pool," highlighting the zero commission opportunity and the futures trading leaderboard competition. None of the posts contain any disclosure such as "advertisement" or "sponsored content."
According to experts, this situation is not only an ethical issue but also one that could have legal consequences. Under Law No. 7518, promoting unlicensed crypto asset service providers may also fall under sanctions. Sharing affiliate links, directing users to copy-trade accounts, or making campaign announcements without indicating sponsored content can be considered facilitation of unauthorized activities.
THEY CREATE PERCEPTIONS WITH BOT ACCOUNTS
Another pillar of WEEX's Turkey strategy consists of organized social media operations. Investigations have shown that on Platform X, a large number of accounts appearing independent of each other but sharing similar phrases within the same time frames systematically produce content in favor of WEEX. The common characteristics of these accounts are striking. Most were opened recently, have low follower counts, share almost nothing other than crypto content, and lack even profile pictures. On the same day, they share messages very similar to each other:
"I started trading on WEEX, and the results have been much better than I expected."
"Why haven't I heard of this exchange before?"
"WEEX truly makes a difference; those who don't try it are missing out."
Experts define this method as "astroturf marketing." They state that such organizations, aimed at creating a perception of real users, should be considered within the scope of misleading commercial practices in addition to existing legal risks.
MORE EFFECTIVE SANCTIONS ON THE AGENDA
Experts emphasize that mere website access bans are no longer sufficient. Comprehensive measures must be implemented against platforms that resume operations within minutes by changing domain names. Proposed measures include removing unlicensed platforms from the App Store and Google Play, blocking their official social media accounts via the Information and Communication Technologies Authority (BTK), and initiating legal proceedings against all stakeholders, including platform administrators and influencers involved in promotional activities. It is assessed that the methods applied by South Korea and Japan in similar cases could serve as examples for Turkey, and existing legal regulations may allow for such steps to be taken.