Legal Responsibility of Influencers in Cryptocurrency Advertising: When Does Saying "This Coin Will Soar" Constitute Advertising, Investment Advice, or a Crime?

Let's imagine a social media influencer starting a live broadcast late at night. Price charts are displayed on the screen, and the influencer addresses their followers with these words:

“This project is yet to be discovered. I bought a significant amount. I think it will increase at least tenfold next month. Open an account via the link below without delay. If you use my code, you will also earn a trading bonus.”

The broadcast is watched by thousands of people. Followers, believing the influencer to be an expert in financial matters or possessing confidential information they haven't revealed, buy the relevant cryptocurrency. The price quickly rises. However, the influencer sells the cryptocurrency, which they previously bought at a low price, at the inflated price due to their followers' purchases. A few days later, the project loses value, the platform suspends withdrawals, and a significant portion of investors suffer losses.

The influencer offers the following defenses:

"I didn't force anyone to make a purchase."

"The video stated that it was not investment advice."

"I also thought the project was credible."

"The platform only paid me for advertising."

But do these statements absolve the influencer of legal responsibility?

There is no single answer to this question regarding cryptocurrency advertising. The platform on which the advertisement is placed, the nature of the cryptocurrency being promoted, the benefits provided to the influencer, the promises made, how investors are being guided, and the influencer's actual knowledge of the project should all be examined separately.

What is cryptocurrency?

Although the term "cryptocurrency" is widely used in everyday language, the fundamental concept in Turkish law "crypto asset."

According to the Capital Markets Law No. 6362, a crypto asset is defined as an intangible asset that can be created and stored electronically using distributed ledger technology or similar technology, distributed over digital networks, and capable of representing value or rights. This definition is broad enough to include not only assets used for payment or value transfer purposes, such as Bitcoin, but also tokens that grant usage rights in a specific project and certain digital rights representations.

Crypto assets are mostly created on blockchain or similar distributed ledger systems. Transactions are tracked through technological records on the network, unlike classic bank records kept in a single central location. Control of the private key that enables the transfer of a crypto asset is of great importance in practice in terms of actual control over that asset.

However, not all crypto assets have the same characteristics. Among crypto assets;

• Independent digital assets similar to Bitcoin,
• Stable crypto assets, which attempt to be pegged to a specific value,
• Tokens that grant the right to use a platform or project,
• Tokens are tokens that represent a specific asset or right
• Unique digital assets, called NFTs,
• Crypto assets that can represent rights relating to capital market instruments

It can be found.

This difference is important because it can alter the legal nature of the entity being promoted, the applicable legislation, and the influencer's responsibilities.

The Legal Regime of Crypto Assets in Türkiye

With Law No. 7518, which came into effect on July 2, 2024, crypto asset service providers were placed under the regulation and supervision of the Capital Markets Board (SPK). Activities such as the buying, selling, initial sale or distribution, exchange, transfer, and storage of crypto assets, whether conducted commercially or professionally, are generally evaluated within the scope of SPK regulations.

With the communiqués numbered III-35/B.1 and III-35/B.2, which entered into force on March 13, 2025, issues such as the establishment, operating license, capital adequacy, custody of customer assets, listing, transfer, price surveillance, and investment advisory of crypto asset service providers have been regulated in detail.

Therefore, cryptocurrency advertising in Türkiye is no longer conducted entirely outside of regulation. An influencer's post, depending on its content, can simultaneously;

• Capital market legislation,
• Consumer protection legislation,
• Commercial advertising legislation,
• Turkish Code of Obligations,
• Turkish Commercial Code,
• Turkish Penal Code

This can have consequences in that regard.

When does an influencer's crypto content count as advertising?

An influencer explaining how Bitcoin works or producing general educational content about blockchain technology is not, in itself, advertising.

However, the influencer;

• If it receives advertising fees from the platform,
• If he/she has received free tokens,
• If it has received a special allocation from the pre-sale of the project,
• If they earn commission from sales,
• If she/he shares a special referral code with her/his followers,
• If he/she gets paid for each user he/she brings in,
• If they are the founder or partner of the project,
• If they have received a free event, trip, or other economic benefit

The question arises whether the content constitutes commercial advertising or commercial practice.

A post doesn't necessarily require cash payment to the influencer to be considered advertising. Token allocation, commission, free membership, or other economic benefits can also indicate a commercial relationship.

The Ministry of Trade's guidelines regarding social media influencers are based on the principle that the advertising relationship must be clearly understood in commercial advertising and commercial practices directed at consumers. Furthermore, under the regulation that will come into effect on August 1, 2026, it will become mandatory to visibly display the word "advertisement" or "promotion" in posts where the influencer receives money, free or discounted products or services, or similar benefits.

Does writing "Not Investment Advice" absolve one of responsibility?

Crypto content often concludes with the following phrase:

"The information provided here is not investment advice."

This statement alone does not provide legal protection.

If the title, narrative, and tone of the post clearly convey a "buy" message to the investor, a brief but irresponsible note at the end of the video does not change the true nature of the content.

For example, an influencer;

"Definitely buy it."

"Don't miss this opportunity."

"It will multiply tenfold in a month."

"I've invested all my money in this, don't be late yourselves."

"I'm not saying don't sell your house or car, but this opportunity won't come again."

If someone is speaking in that manner, the content needs to be evaluated as a whole.

Similarly, the statement "this is not investment advice";

• Avoiding covert advertising,
• Providing false information,
• Offering a guaranteed return,
• The influencer concealing their own economic interests,
• Directing customers to an unauthorized platform,
• Consciously contributing to the act of fraud

It does not make it legally compliant.

The law is more concerned with the overall impact the content has on the consumer or investor than with the label attached to the post.

Influencer's Failure to Disclose Their Own Token

The fact that an influencer has already purchased a cryptocurrency they are promoting is not inherently illegal. However, the fact that the influencer will financially benefit from the increase in the asset's price due to follower purchases creates a significant conflict of interest.

For example, the influencer may have received a large amount of tokens before the launch or may have been given free tokens by the project. Saying, "I'm only talking about this project because I have a lot of confidence in it," without explaining this to their followers, could create a false perception of independence among consumers.

Especially the influencer's;

• The amount of tokens he/she received for free,
• Project partnership,
• Sales commission,
• Reference income,
• When can you sell your tokens?
• Other benefits received in return for the campaign

Concealing this information could negatively impact the outcome when evaluating whether the advertisement was misleading and whether the influencer was at fault.

Simply using the word "advertisement" isn't always sufficient. Even if an influencer claims to be receiving advertising revenue, they can conceal conflicts of interest within their own portfolio, leading their followers to believe they are conducting independent analysis.

Rules to Follow in Cryptocurrency Platform Advertisements

The Capital Markets Board (SPK) stated in its principle decision dated September 19, 2024, that all publications, announcements, advertisements, and notices of crypto asset platforms must be objective. It explicitly stated that platforms cannot create advertisements based on false, inaccurate, or misleading information, exploit customers' lack of knowledge and experience, or offer absolute guarantees against return or loss.

In this context, the following statements carry a high legal risk:

• "Your earnings are guaranteed."
• "It's impossible for you to lose money."
• "Your principal is completely safe."
• "A fixed 20 percent return every month."
• "A system that simply brings profit."
• "Crypto income without risk."
• "Investing under the guarantee of the Capital Markets Board."
• "State-approved coin."

The fact that a crypto asset has gained value in the past does not prove that it will perform the same in the future. Presenting past price charts as a guaranteed future gain can also be misleading.

The Capital Markets Board's policy decision also prohibits promotions that promise a specific return or encourage investors to invest in one or more crypto assets; and campaigns that provide benefits to individuals who bring customers to the platform or to the customers who are brought in.

This regulation directly concerns the classic referencing systems used by influencers. For example;

"Register using my code and receive 1,000 TL worth of tokens."

"I earn a commission for every user you bring in."

"Those who buy this coin will receive a bonus."

Campaigns of this nature should be examined not only in terms of advertising descriptions but also in terms of the Capital Markets Board's (SPK) promotional restrictions.

However, paying an influencer a fixed advertising fee regardless of the number of clients is not the same as paying a commission on each client or transaction. Fixed-fee corporate advertising must also be objective and not misleading; however, a system of benefits tied to client acquisition is much more directly related to the prohibition in the Capital Markets Board's decision.

Advertising Foreign Crypto Platforms Through Influencers

One of the highest risks in influencer advertising is promoting cryptocurrency platforms based abroad and not authorized in Türkiye.

According to Article 99/A of Law No. 6362, a platform established abroad opening a business in Türkiye, creating a Turkish-language website, or conducting promotion and marketing through individuals and institutions established in Türkiye may be deemed to be targeting individuals residing in Türkiye. The Capital Markets Board (SPK) also explicitly stated this in its announcement dated July 2, 2024.

Therefore, an influencer based in Türkiye working for a foreign platform;

• Creating Turkish advertising videos,
• Providing a campaign code specific to Türkiye
• Explaining investments in Turkish lira,
• Enabling Turkish users to create accounts,
• The platform redirects users to customer service

This could serve as evidence in determining that a foreign platform is conducting activities targeting Türkiye.

The Capital Markets Board (SPK) also implements access blocking procedures for websites found to be offering unauthorized cryptocurrency services to individuals residing in Türkiye.

However, the fact that the foreign platform is unlicensed does not automatically mean that the influencer is guilty of a crime. For the influencer to be held criminally liable, it must be further investigated whether they were aware of the platform's illegal activities, how they contributed to customer acquisition, their earning model, and their intent to participate in the criminal activity.

Being on the SPK List Does Not Mean "State Guarantee"

Influencers sometimes use the following phrases to describe the platform they promote:

"It's on the SPK (Capital Markets Board) list, which means it's completely safe."

"Approved by the state."

"Your money is protected if the platform goes bankrupt."

These statements may be misleading.

The provisional "List of Companies in Operation" on the Capital Markets Board's (SPK) website was created to publicly disclose the companies that initially declared they would continue operating. The SPK explicitly states that inclusion on this list does not imply authorization for the company.

Furthermore, the law stipulates that granting an operating license to a platform does not mean that transactions are under public protection, and that crypto assets are not subject to the compensation provisions of the Investor Compensation Center.

Therefore, an influencer using phrases like "listed by the Capital Markets Board (SPK)" or "under SPK supervision" to create the impression that the state guarantees the principal amount could lead to illegal advertising and misinformation.

The Line Between Crypto Advertising and Unauthorized Investment Advice

An influencer providing general information about crypto assets is not investment advice in any case.

For example;

"The supply of Bitcoin is limited by a specific system."

"Price volatility is high in crypto assets."

"If you lose your private key, you may not be able to access your assets."

General and informative statements of this kind do not, as a rule, constitute direct buy or sell recommendations.

In response, the influencer could create a paid Telegram group;

"Get this token today at 9 PM."

"Buy at this price, sell at this price."

"Allocate 40 percent of your portfolio to this."

"Tell me your budget, and I'll create a customized coin portfolio for you."

Providing systematic and targeted advice to individuals or specific groups of investors is evaluated differently.

Circular No. III-35/B.2 regulates investment advisory services for crypto assets as one of the services subject to SPK (Capital Markets Board) approval. The SPK's 2025 activity report states that investment advisory activities are limited to investors of a certain size; the minimum crypto asset size required on the platform for 2026 has been updated to 60 million TL.

In light of these regulations, an influencer's professional and consistent creation of a personalized crypto portfolio or the provision of trading signals for a fee could move beyond ordinary content production and raise the debate about whether this constitutes a licensed activity.

However, not every "this coin could rise" comment automatically constitutes investment advice. Factors to consider include whether the content is personalized, whether it's conducted as a continuous and commercial activity, whether fees are charged, and whether it directly influences investment decisions.

The Responsibility of the Influencer in the "Pump and Dump" Model

One of the most controversial models in the cryptocurrency markets in terms of influencers is the method called "pump and dump".

In this model, influencers or those connected to them first purchase a cryptocurrency with low trading volume. Then, they share content on social media suggesting that the project is very valuable, will secure important partnerships, or will provide high returns in a short time.

When followers drive up the price with their purchases, the influencer sells their own assets. After the influencer sells, the price drops, and followers who bought later suffer losses.

The following factors are important here:

• The influencer having purchased tokens before the launch,
• The project provided him with free tokens
• Having a sales plan,
• Using false information to drive up prices,
• Not disclosing one's sales intentions to followers,
• The influencer and project managers need to work in coordination.

Not every crypto asset is a capital market instrument within the meaning of Law No. 6362. Therefore, the Capital Markets Board's (SPK) classic information- or transaction-based market manipulation provisions specific to capital market instruments cannot be automatically applied to every coin. However, the outcome may differ for crypto assets that represent capital market instruments. For other crypto assets, provisions regarding fraud, tort, misleading advertising, and unfair competition, as well as the market surveillance obligations of platforms, may come into play. The SPK's secondary regulations impose an obligation on platforms to establish mechanisms for price surveillance and the identification of market-disrupting transactions.

The Influencer's Responsibility Before the Advertising Board

If the promotion of a crypto platform or token constitutes commercial advertising aimed at consumers, the Law No. 6502 on Consumer Protection and the Regulation on Commercial Advertising and Unfair Commercial Practices may be applied.

The advertisement;

• The fact that it is not explicitly stated as an advertisement,
• It contains unrealistic promises of earnings,
• Concealing the risks,
• Providing misleading information regarding the platform's authorization,
• Exploiting the consumer's lack of information,
• Presented as an influencer's personal experience

It may be subject to review by the Advertising Board.

When illegality is detected, sanctions such as suspending or correcting the advertisement, blocking access to the content, and imposing administrative fines may be considered. The Advertising Board conducts investigations and imposes sanctions regarding digital platforms, influencer advertising, and financial services. In 2026, administrative fines under Law No. 6502 were increased in line with the revaluation rate.

The Advertising Board's decision does not directly guarantee compensation to the injured investor. However, the administrative authority's determination that the advertisement was misleading or deceptive could be important evidence in a subsequent compensation lawsuit.

Can an influencer compensate an investor for their losses?

Anyone who buys crypto assets on the advice of an influencer cannot automatically claim full compensation for their losses from the influencer.

In general, for tort liability to arise under the Turkish Code of Obligations:

1. An unlawful act,
2. The influencer's flaw,
3. A real and verifiable loss,
4. Appropriate causal link between behavior and harm

It must be found.

Article 49 of the Turkish Code of Obligations stipulates that a person who causes harm to another through a negligent and unlawful act is obligated to compensate for that harm. If more than one person jointly causes the same harm, provisions regarding joint and several liability may also apply.

For example, an influencer;

• If he said the project was trustworthy even though he knew it was fake,
• If he/she has hidden the tokens he/she received for free,
• If he mentioned partnerships that don't actually exist,
• If they have made claims about a forged license or SPK (Capital Markets Board) approval,
• If they have a plan to sell followers after buying them
• If they continued promoting the platform even though they were aware of its withdrawal problems

The likelihood of acknowledging fault and responsibility becomes stronger.

Conversely, if the influencer conveyed accurate and publicly available information, explained the risks, and the investor's loss resulted entirely from unpredictable market movements that occurred later, establishing a causal link can be more difficult.

Calculating Crypto Losses

High price volatility in crypto assets makes calculating losses difficult.

An investor might make the following claim:

“I wouldn’t have bought this token if I hadn’t seen the influencer’s video. I lost 450,000 TL out of the 500,000 TL I invested.”

However, the court may not only look at the purchase and subsequent price drop. The following issues may also be considered:

• The date on which the investment was made,
• Whether the decision was made before the influencer's post,
• When was the token sold?
• Whether or not damage occurred,
• Whether the investor is aware of the risks,
• Whether it was also influenced by other sources,
• The decisive role of influencer posts in investment decisions,
• The investor's ability to mitigate losses,
• General market trend.

Whether a loss is definitively determined solely based on a momentary price drop is debatable if the investor continues to hold the token. However, the loss becomes more concrete if the project has completely collapsed, trading has been halted, or the token has effectively lost its economic value.

An investor's decision to invest all their savings in a single crypto asset despite clear and significant risks can also be considered in a joint fault assessment. However, the investor's carelessness does not automatically make the influencer's knowing deception legally permissible.

Consumer Court or Commercial Court?

Not all disputes arising from crypto advertising are heard in the same court.

A consumer transaction dispute may arise if the investor is acting for non-commercial or non-professional purposes and the counterparty is providing services within the scope of commercial or professional activity. In this case, the competent authority may be a consumer arbitration board or a consumer court.

However;

• The investor acts for professional or commercial purposes,
• The dispute arises between companies,
• Allegations of unfair competition exist
• Breach of advertising contract between influencer and brand

In such cases, the primary commercial court or the primary civil court may have jurisdiction.

The assessment of jurisdiction, authority, and mandatory mediation should be made according to the specific dispute, its parties, request, and legal basis.

Can a brand or platform claim compensation from an influencer?

An influencer's responsibility isn't limited to their followers. They may also have contractual liability to the advertising platform or crypto project.

For example, an influencer;

• They added a return promise that the platform did not endorse,
• They removed the advertisement label
• He made untrue statements about competing platforms,
• They created a referral campaign that violated the contract,
• He deleted the post before the agreed time,
• This has led to sanctions from the Capital Markets Board or the Advertising Board

it could be.

According to Article 112 of the Turkish Code of Obligations, in cases where a debt is not performed at all or is not performed properly, the debtor who cannot prove their innocence is obligated to compensate for the resulting damage. This includes claims for a refund of advertising fees, new campaign expenses, production costs, and other verifiable damages.

However, if the ad copy was prepared by the platform, the promise of high returns was specifically requested, and the content was approved by the platform before publication, the influencer may not be held solely responsible for all losses. The parties' degree of fault and the risk sharing agreement in the contract are evaluated together.

Is the clause "All responsibility lies with the influencer" sufficient?

Crypto platforms occasionally add the following clause to influencer contracts:

"The influencer is solely responsible for all administrative, legal, and criminal liabilities arising from the posts."

This provision does not absolve the platform of its liability under public law.

The platform may be subject to sanctions by the Capital Markets Board (SPK) or the Advertising Board due to illegal advertisements it has created. The provision in the contract can only be effective in terms of recourse and damage sharing within the internal relationship between the platform and the influencer.

Similarly, an influencer cannot absolve themselves of responsibility in every case by simply saying, "The platform sent the text." A person who disseminates clearly untrue or unrealistic promises to a large following can also be expected to exercise reasonable care.

When does criminal liability come into play?

Not all misleading advertising constitutes a crime. Many cases may fall under administrative sanctions and liability for damages.

However, the elements of fraud can be debated if the influencer knowingly promotes a fake crypto project, persuades followers to send money, and thereby benefits themselves or others.

The use of social media and digital systems may, depending on the nature of the event, bring into question the provisions of the Turkish Penal Code regarding aggravated fraud. An influencer's unwitting advertising of a project cannot be evaluated in the same way as their knowingly orchestrating a fraudulent scheme to mislead investors. Criminal liability is personal, and the influencer's intent must be demonstrated with concrete evidence.

Providing cryptocurrency services without authorization is regulated as a crime under Article 109/A of Law No. 6362. The Capital Markets Board (SPK) has announced that those who carry out this activity without obtaining the necessary permits face imprisonment from three to five years and a judicial fine of five thousand to ten thousand days.

The fact that an influencer has only advertised does not automatically make them an unlicensed service provider. However, the influencer;

• If it is collecting investors' money,
• If he is receiving orders,
• If he/she is managing investments,
• If they are actually organizing the account opening and money transfer,
• If they knowingly facilitate the operation of an unauthorized platform

A debate may arise regarding criminal liability as either the perpetrator or an accomplice.

Whether an influencer receives a share of the funds directly deposited by investors in exchange for advertising, or allows the use of cryptocurrency wallets to transfer proceeds of crime, may give rise to other criminal law provisions depending on the nature of the incident.

Unfair Competition Liability

Competition between crypto platforms and projects can also be influenced by influencer advertising.

An influencer's;

"Türkiye's only licensed platform."

"All competing platforms are scams."

"The technology behind this token is unique in the world."

"The only coin approved by the Capital Markets Board (SPK)."

Making such false statements can mislead consumers and damage the reputation of competing businesses.

Under the Turkish Commercial Code, making false or misleading statements to gain a competitive advantage over oneself or others may constitute unfair competition. Competitors may request the identification and prevention of unfair competition, the elimination of its consequences, and, if the conditions are met, compensation for damages.

If an influencer has created a false comparison through their own narrative or knowingly disparaged competitors, they may be held directly responsible.

Joint Liability for Damages Caused by Followers

In crypto advertising, the harm usually doesn't stem from the actions of a single individual.

In the incident;

• The project owners who issued the token,
• Crypto platform,
• Advertising agency,
• Influencer,
• Individuals who manage payment or transfer organizations,
• People who prepare fake reports

They may have acted together.

If more than one person causes the same damage, the provisions of the Turkish Code of Obligations regarding joint and several liability may be applied. In this case, the injured party may claim the entire damage from one of the responsible parties, to the extent that the conditions are met; the division of the damage among the responsible parties is determined separately according to their degree of fault and contribution.

An influencer's role as merely the face of a project does not equate to their involvement in its establishment, token distribution, and the sharing of investor funds.

Why is preserving evidence important?

Crypto advertisements are often placed through stories, live streams, or posts that are quickly deleted. This can make it difficult for investors to verify the content later.

The injured party should especially preserve the following evidence:

• Screen and video recording of the sharing,
• The influencer account username,
• Date and time of sharing,
• Whether or not an advertisement description is included,
• Referral link and discount code,
• The earnings promises used,
• Money transfer documents to the platform,
• Crypto wallet addresses and transaction records,
• Token purchase and sale history,
• Private messaging exchanges with the influencer,
• Instructions in Telegram or WhatsApp groups,
• The project's website and promotional document,
• Current status on the SPK list,
• The influencer's actions of correcting or deleting content after posting.

The visibility of transactions on the blockchain alone may not prove the identity of the person performing the transaction. It may be necessary to link the wallet address to the influencer or project manager through bank records, platform data, contracts, device reviews, or correspondence.

What should an influencer check before advertising cryptocurrency?

An influencer shouldn't rely solely on their follower count or the presentation the brand sent. The following points, in particular, should be investigated:

1. Legal status of the platform: Current records with the Capital Markets Board (SPK) should be checked; it should be understood that being on the provisional list does not imply an operating license.
2. Foreign platform risk: Turkish users should avoid being directed to foreign platforms that are not authorized in Turkey.
3. Advertisement Disclaimer: If there is a fee, token, commission, or other benefit, the advertising relationship should be clear at first glance.
4. Promise of return: Phrases such as guaranteed profit, fixed return, principal guarantee, or loss-free investment should not be used.
5. Referral system: Campaigns that provide commissions in exchange for bringing in new customers and facilitating transactions should be examined for compliance with Capital Markets Board (SPK) regulations.
6. Conflict of interest: It should not be concealed whether the influencer is a token holder, project partner, or commission recipient.
7. Limitations of authority: Activities such as taking orders, raising funds, managing portfolios, or providing personalized investment advice are prohibited.
8. Verification of claims: Claims regarding partnerships, licenses, reserves, user numbers, and technological achievements must be supported by documentation.
9. Risk disclosure: Not only the possibility of profit, but also risks such as loss of value, liquidity, custody, cybersecurity, and project failure should be disclosed.
10. Document retention: Advertising agreements, platform-provided information, consent correspondence, and records of published content must be preserved.

Conclusion: Follower Trust Is Not a Guaranteed Investment

In cryptocurrency advertising, an influencer is more than just the face of a brand. A few sentences they utter can direct the savings of thousands of people towards a particular platform or token.

Because;

"I just shared my experience."

"I wrote 'This is not investment advice.'"

"The platform told me it was trustworthy."

"The followers made their own decisions."

Defenses like these are not sufficient in every case.

If an influencer has concealed their advertising relationship, guaranteed high returns, directed clients to unauthorized foreign platforms, failed to disclose their own token holdings, or knowingly contributed to a fraudulent scheme, they may face administrative, legal, and criminal liability simultaneously.

However, not every crypto post or every failed investment gives the influencer liability. For compensation to be awarded, a concrete causal link must be established between the influencer's unlawful and negligent conduct and the investor's loss.

In the cryptocurrency market, the most dangerous form of advertising isn't content that clearly looks like advertising; it's commercial guidance presented as the independent opinion of someone the follower trusts.

An influencer's statement, "This coin is going to skyrocket," might not be just a prediction. If there are fees, commissions, hidden token assets, or a coordinated sales plan, this statement could be the starting point for illegal advertising, unauthorized investment activity, liability for damages, and in some cases, criminal investigation.