Turkey's major exchanges suspended due to cryptocurrency crackdown

Vebitcoin, the country's second-largest cryptocurrency exchange, has ceased operations in Turkey, where the Financial Crimes Investigation Commission is investigating the cryptocurrency industry 'to meet all regulations and demands.'



Turkish bitcoin exchange Vebitcoin collapses amid crypto crackdown

Turkey detains four in Vebitcoin investigation | Reuters

Vebitcoin's official website already has only a Turkish message announcing the suspension of activity. According to the message, 'Recent movements in the cryptocurrency industry have made Vebitcoin transactions more intense than expected, forcing a very difficult process in the financial sector and working to meet all regulations and demands. To stop. '

Inflation and the slump in the domestic currency Lira are increasing the number of people in Turkey who are turning to cryptocurrencies to protect their savings. On the other hand, there are voices calling for regulation due to concerns about fraudulent activities, and in April 2021, the Central Bank of Turkey banned payments in virtual currency.

According to Reuters, the Financial Crimes Investigation Commission is investigating a crypto platform in Turkey, Vebitcoin's account has been blocked, and four people have been detained on suspicion of fraud.

Prior to Vebitcoin's suspension, another exchange called Thodex has ceased operations, and founder Faruk Fatih Ozer has fled to Albania with $ 2 billion in assets. Is believed to be. Turkey has issued an international arrest warrant for Ozer, and 62 people involved have been detained.

in Web Service, Posted by logc_nt