How Free Are Crypto Asset Service Providers on Social Media? Facts and Prohibitions
Twitter, Instagram, Telegram and legal boundaries of marketing, giveaways, and campaigns on news outlets
Crypto asset service providers (“CASPs”) entered a new era, particularly with the Capital Markets Board (“CMB”) communiqués that came into force on 13 March 2025. The CMB now scrutinizes not only companies' capital structures but also how they speak on social media and what they include in campaign visuals. The Advertisement Board conducts a parallel review as well; at its meeting dated 12 March 2026, for example, the advertisements of four major crypto exchanges were found misleading.
This article summarizes, with examples, the legal boundaries of the marketing, giveaway, and campaign activities that CASPs may carry out on Twitter (X), Instagram, Telegram, websites, and news outlets.
Which Legislation Applies?
There are three primary legislative sources governing the supervision of CASPs' social media activities:
Capital Markets Law No. 6362, in particular Article 99/A
Communiqué No. III-35/B.1
Communiqué No. III-35/B.2
The core rule on advertisements, notices, announcements, campaigns, and promotional activities is Article 30 of Communiqué No. III-35/B.1. This article sets the rules applicable to all means of communication regardless of the medium (Twitter, Instagram, Telegram, website, news site, e-mail).
For giveaways and contests specific to social media in particular, the regulations of the National Lottery Administration (“MPİ”) and Law No. 6502 on Consumer Protection together with its secondary regulations also come into play.
NOTE: Article 30 covers “all kinds of written, visual, and electronic means of communication.” This means that even a 24-hour Instagram story is subject to the same rules as a permanent billboard.
Three Core Principles: The Fundamental Rules for Advertisements and Announcements
Article 30 of the Communiqué sets out three core principles that CASPs must observe in their advertisements, announcements, and campaigns. These principles aim to ensure the legality of all promotional activities carried out on social media, websites, and other digital channels.
1. Objectivity
Information used in advertisements and announcements must never be misleading. Exploiting customers' lack of experience or lack of knowledge is not permitted. For example, sensationalist statements of the following kind are prohibited:
"This coin will skyrocket"
"The opportunity of a lifetime"
"User X became a millionaire"
Such statements can mislead users and encourage them to make risky investments, and are therefore unlawful. Misleading visual cues such as rising arrows are likewise contrary to the objectivity principle.
2. Prohibition of guarantees
Promising absolute returns or guarantees against loss in crypto asset investments is strictly prohibited. Even in the form of an insurance policy, offering a guarantee of any kind cannot be used as part of an advertisement. For example:
"Guaranteed profit"
Statements such as "guaranteed loss prevention" are prohibited.
3. Verifiability
Statistical data and comparisons used in advertising must rest on official, verifiable data. Otherwise, the advertisement is misleading. Examples:
May be written: "According to the 2024 independent audit report, average daily trading volume stands at TRY X."
Must not be written: "Türkiye's leading, most trusted, and fastest crypto exchange! Everyone chooses us!"
Without verifiable data, sentences that promote the platform or compare it with other platforms must not be used.
ADVERTISEMENT BOARD CASE
"Offering the Best Prices", "The Most Advanced", "The Most Innovative and Advantageous"
These three statements, used on the Instagram account and website of a well-known CASP in Türkiye, were found misleading under the prohibition on comparative advertising because they were not supported by documentation obtained from a university or an independent research institution. Suspension of the advertisements was ordered in all three files (Advertisement Board, 12.03.2026, file nos. 2026/977, 1019, 1020).
Statements That May Not Appear in Advertisements
Article 30/4 of the Communiqué explicitly lists the statements CASPs may not use in their advertisements and announcements. These are:
Any statement suggesting that the customer will win in every circumstance or will never incur a loss:
"You always win"
"No-loss guarantee"
Statements targeting specific professions or segments of society:
"Pocket money for students"
"Extra income for housewives"
"An extra budget for retirees"
Statements implying that transactions are guaranteed by the CMB or the public authorities:
"CMB-guaranteed"
"Under state guarantee"
Statements exploiting inexperience:
"No risk"
"No knowledge required"
"Become an expert in 5 minutes"
Deceptive slogans not based on data and designed to promote the platform:
"Türkiye's most trusted crypto exchange"
"The fastest trading platform"
These statements must not be used even in short formats such as a one-line tweet or an Instagram Reels video. The channel may change; the rule does not.
Assessment by Medium
Twitter (X), Instagram, Telegram
Owing to their rapid spread and visually driven nature, these three channels carry the highest risk in supervision. Every piece of content produced on them must be reviewed carefully.
What may be done:
Corporate announcements
System maintenance notices
Summaries of Public Disclosure Platform (“KAP”) disclosures
General user-education content
What must not be done:
FOMO-inducing content (e.g., "Don't miss out!")
Screenshots highlighting other people's gains
Posts presenting insurance as a marketing tool
Exaggerated rising arrows in visuals
A note specific to Telegram: Saying "private group" or "members only" does not mean the rules are relaxed. The same rules apply to one-on-one communications made over Telegram. Moreover, "VIP signal group" formats may be characterized as investment advisory or portfolio management activity, in which case legal risks may arise.
May be written: "Scheduled maintenance will take place tomorrow between 02:00–04:00. Withdrawals will be suspended during this period."
Must not be written: "1,000 USDT to 100 people who RT this tweet 🚀 Hurry up, winning is so easy!"
Websites and News Outlets
Websites require particular care, since they are both an advertising medium and an official channel for which the regulator sets minimum content standards. A website must include the following:
The services the provider is authorized to offer
The scope of the operating permission
Trade registry information
Activity reports
The risk disclosure form
The framework agreement and fee schedules (kept current and clearly visible)
Homepage slogans are likewise subject to the prohibitions of Article 30.
Sponsored content or press-release-style articles published on news sites also fall within the scope of supervision. Even if the headline or visual is changed by the editor, liability may revert to the CASP.
ADVERTISEMENT BOARD CASE
"Türkiye's Leading Crypto Asset Service Provider"
This statement, used in a promotional piece published on Hürriyet's website under a "sponsored content" label, involved an open-ended comparison with other companies in the sector and was not supported by objective data; suspension of the advertisements was therefore ordered (Advertisement Board, 12.03.2026, file no. 2026/983).
At a glance✓ Permitted
✕ Not permitted
Corporate announcements, system maintenance notices, summaries of KAP disclosures.
Guarantee-laden statements such as "guaranteed profit", "X% guaranteed", "zero risk".
Sharing trading volume and customer numbers supported by official data.
Sentences such as "Türkiye's biggest" or "leading platform" without data.
Educational content on general markets, blockchain, and security.
"Buy, sell, hodl"-style investment advice for specific crypto assets.
General analysis complying with transparency requirements (date, price, conflict-of-interest disclosure).
Sharing signals, target prices, or trading recommendations without these requirements.
Contract-based influencer work that passes content approval.
"Extra income"-themed campaigns targeting segments of society.
Knowledge-and-skill contests (by jury or elimination).
"Bring a friend, win" campaigns tied to new customer acquisition.
Giveaways and Contests: When Is a Permit Required?
Giveaways and contests run on social media are subject not only to CMB legislation but also to MPİ regulations. The legal status of a giveaway or contest depends on whether the winner is determined by chance or by the participant's knowledge, skill, or talent. In short:
Chance-based draws require an MPİ permit.
Contests based on knowledge, skill, or talent (by jury or elimination) are exempt from the permit requirement.
Cash-prize chance draws may be organized only by the MPİ. CASPs may not organize such draws.
Cases Requiring an MPİ Permit
Chance-based draws — especially social media campaigns of the "follow, like, tag, enter the draw" kind — are considered commercial and therefore require an MPİ permit. The following conditions apply to such draws:
Application to the MPİ: A written application must be filed with the MPİ at least 15 days before the draw date.
Required information: The application must state the type, quantity, brand/model, and VAT-inclusive value of the prize.
Permit details: The date and number of the permit must appear clearly in all notices and announcements.
Participant age: Participants in the draw must be over 18.
Prize conformity: The prize awarded must be the same as the prize promised.
Acceptable example: "Scheduled maintenance will take place tomorrow between 02:00-04:00. Withdrawals will be suspended during this period."
Unacceptable example: "A chance to win TRY 50,000 for 100 people who RT this tweet! 🚀 Hurry up, winning is so easy!"
Cases Not Requiring an MPİ Permit
Contests in which the winner is determined by knowledge, skill, or talent do not require an MPİ permit, provided they are run by jury evaluation or by elimination. Such contests are consistent with educational and transparent communication and also align with the CMB's expectations.
Acceptable example: "Blockchain Case Competition: entries will be evaluated by a jury against criteria announced in advance; the top three will receive prizes."
Unacceptable example: "The user with the highest profit wins TRY 50,000 this weekend!"
ADVERTISEMENT BOARD CASE
The "TRY 500 Welcome" campaign
The main visual highlighted only the promise of "TRY 500 instantly in your wallet"; the fact that the reward actually applied to the first 1,000 members who generated TRY 150,000 in volume within 3 months did not appear in the main message. On the ground that the campaign's essential restrictions had been relegated to a footnote, suspension of the advertisements was ordered (Advertisement Board, 12.03.2026, file no. 2025/2918).
Advertisement Board Decisions
At the meeting held on 12 March 2026, the advertisements of four major crypto asset service providers were reviewed. Suspension decisions were issued as a result of the errors found in some advertisements. In particular, penalties were imposed in three separate advertising files. In the review of another company's advertising, however, although certain statements were found misleading, some content was not deemed a violation because it was supported by numerical data.
Relevant decisions:
Misleading statements: In one advertisement, the phrase “6 million users” was found misleading because it referred to the total user pool accessible as a result of a specific integration without making this clear.
Statements supported by numerical data: Phrases such as “excellent customer experience” were not deemed a violation because they were supported by numerical data.
Loyalty program details: The campaign conditions, rewards, and earning rules of a loyalty program were not deemed a violation because they were presented in detail in a separate section.
Practical lessons to draw:
Independent research institution reports: When comparative statements are used, documentation obtained from independent research institutions supporting their accuracy must be ready on file.
Technical integrations: Where metrics obtained through technical integrations with third parties are used in advertising, the context of that data must be stated clearly.
Loyalty programs and campaign conditions: The essential conditions of loyalty programs and campaigns must appear clearly and openly in the main message and must not be pushed into footnotes with steering language.
The Türkiye Communities of Offshore Exchanges
The CMB's position is quite clear: if an exchange established abroad engages in promotion, advertising, or marketing directed at persons resident in Türkiye, those activities are treated as "unauthorized crypto asset service provision." This includes the following:
A Turkish-language website.
Opening a place of business in Türkiye.
Promotions carried out through locally based individuals.
Turkish-language social media accounts.
Assessment of Community Accounts in Türkiye
The CMB's assessment of community accounts in Türkiye is as follows:
If an account is operated by the global exchange directly or through an intermediary/representative,
redirects users to a Turkish-language interface,
promotes TRY payment or P2P channels,
or runs Türkiye-specific campaigns,
then it is highly likely to be deemed unauthorized activity under Article 99/A. Purely organic fan pages with no fee or benefit relationship with the exchange, however, may be assessed differently. Such accounts cannot be regarded as intermediaries. Yet if a shared communication policy or a brand-use license exists, the account may acquire intermediary status.
Cooperation Between CASPs and Global Exchanges
When cooperating with a global exchange, an authorized CASP must take care that the exchange does not indirectly channel users toward the Türkiye market. Otherwise, the CASP may be deemed a facilitator of unauthorized activity, which can give rise to legal risks.
Sanctions:
Where advertisements and announcements contrary to the legislation are identified, the CMB and the Advertisement Board are empowered to impose a range of sanctions:
Access blocking and suspension: sanctions span a wide spectrum, from content removal to access blocking. Temporary suspension of activity and administrative fines may also come into play.
Criminal liability: in cases of unauthorized activity, criminal liability may arise under Article 109/A of the Capital Markets Law. This can have serious consequences under criminal law.
Advertisement Board decisions: the Advertisement Board may impose suspension penalties and may also require the same advertisements to be removed from other media. Board decisions are officially published by the Ministry, which can lead to reputational damage.
KVKK fines and unfair competition: administrative fines under the Personal Data Protection Law (“KVKK”), unfair competition claims, and customer compensation claims may also arise. In addition, there is a risk of administrative fines and imprisonment arising from the MPİ regime.
Where Does the "List of Operating Entities" Stand?
Since the legislation entered into force, the applications of CASPs in operation have been announced on the Board's website under the heading "List of Operating Entities" ("Faaliyette Bulunanlar Listesi"). However, by a Board decision dated 26 March 2026, the custody service agreement obligation and the deadlines for listed CASPs to obtain their operating licenses were suspended. It was announced that these deadlines will be redetermined once the custody institutions to be authorized by the Board begin providing services at scale. Publication of an updated version of the list is expected in the meantime.
Points to Watch!
During this period of uncertainty, it is important to avoid misleading phrases such as "CMB-approved", "CMB-licensed", "on the official list", or "under CMB supervision".
Statements should be made in a verifiable manner, referring only to the Board's official announcements.
CONCLUSION:
Conclusion
In the end, the summary of the new era is quite simple: the rules draw no distinction between digital media and the physical world. A tweet posted on Twitter, for example, can produce a legal effect as concrete as a newspaper advertisement. Marketing decisions must therefore now be built on "verifiable communication" rather than "a creative idea."
The practical steps to take begin with establishing an internal marketing compliance policy. Such a policy ensures that the marketing strategies of crypto asset service providers (CASPs) develop in harmony with legal compliance. In addition, a pre-approval mechanism for social media content should be established, operating under the joint sign-off of the legal, compliance, and marketing teams. This ensures legal review at every stage of the content.
Another important step is the correct categorization of giveaways and contests. Giveaways and contests must be organized in the correct categories under the MPİ regime. The difference between games of chance and knowledge-and-skill-based contests must be drawn clearly, and the applicable legal rules observed accordingly.
Finally, cooperation with offshore exchanges must be assessed carefully from the standpoint of Article 99/A. If such cooperation involves activities directed at users resident in Türkiye, it may be deemed unauthorized activity.
In this sensitive period until the List of Operating Entities is published, careful and measured communication contributes both to protecting the sector's reputation and to the sustainability of the operating license.
Legal notice: This article has been prepared for general information purposes and does not constitute legal advice or a legal opinion. Consulting a lawyer is recommended for specific matters.
Sources: Capital Markets Law No. 6362 (arts. 35/B, 35/C, 99, 99/A, 100, 109/A); Communiqués No. III-35/B.1 and III-35/B.2 (Official Gazette, 13.03.2025); CMB Principle Decision i-SPK.35.B (08.08.2024); CMB Announcements (02.07.2024, 12.12.2024, 26.03.2026); Regulation on Non-Cash Lotteries and Draws (04.10.2006); Regulation on Commercial Advertisement and Unfair Commercial Practices; Advertisement Board meeting bulletin No. 367, dated 12.03.2026.