Vebitcoin Crypto Exchange Goes Dark in Turkey, Four Arrested
Turkish authorities have identified and arrested four people last Saturday, as part of a fact-finding case related to the cryptocurrency exchange platform Vebitcoin, a day after it reported a stop on all operations citing financial strains. MASAK, Turkey’s Financial Crimes Investigation Board, has frozen Vebitcoin’s local bank accounts and detained four people who were administrators and employees of the said exchange.
“Due to the recent developments in the crypto money industry, there was a much higher density in our operations than expected,” Vebitcoin announced on Friday. “We would like to state with regret that this situation has led us to a very difficult process.”
Vebitcoin had handled almost $60 million in daily trading volume in the days leading to its collapse, per CoinGecko, as cited by CNBC. It had become the second Turkish crypto platform in a span of a week to have faced trouble and gone offline.
In addition, authorities had also detained several people with suspected ties to the Thodex platform. The announcement of two platforms going offline happened after Turkey communicated a ban on the use of digital assets as payment starting April 30.
As the Lira’s value declines, numerous Turkish people began leaning towards cryptocurrencies, prompting authorities to create in-depth cryptocurrency regulations that will be rolled out in two weeks.
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