Vebitcoin, a Turkey-based cryptocurrency exchange platform, announced complete closure on Friday. It allegedly faces the accusation of severe financial strains of halting the online crypto service.
It claimed to announce the closedown of all activities to fulfill the regulations. Recent crypto market developments initiated a higher operating density. And the platform regrettably uttered to face a notably difficult situation following the issues.
The Financial Crimes Investigation Board (MASAK) almost immediately started responding to the subject. Apart from suspending the bank accounts, it launched a detailed investigation.
Mehmet Nadir Yağcı, a local prosecutor confirmed a perusing investigation on the digital currency. He mentioned four administrators and personnel to get arrested on defrauding charges.
Nonetheless, Vebitcoin is the second cryptocurrency platform to face troubles with the authorities.
In fact, Thodex just rocked the Turkish crypto market on Friday after appearing on Interpol red notice. Turkish authorities detained more than 50 people in order to investigate the Thodex scandal. The accused CEO is believed to flee Albania to escape detention.
Its multiple clients already filed charges/complaints against the platform for fraud. Thodex faces scam accusations of about $2BN from its 390,000 active users.
But the two crypto platforms seem to share no defined similarity on the recent issues.
However, the main reason to cause the fluctuation concerns the Turkish banishment on cryptocurrency. Just a week ago, the Central Bank of the Republic of Turkey (CBRT) published new legislation.
It explicitly announces the complete banishment of crypto assets for payments in Turkey.
And the following days started to see chaos in the crypto platforms regarding financial aspects. Turkey retains the top position in crypto in entire Europe. Many Turkish prefer crypto savings to counteract the increasing inflation of the Lira.
A continued number of negative events have heavily concerned many Turkish crypto investors. The expected restriction is about to go into effect on April 30. It’s yet to observe the Turkish finance closely for any more ground-breaking news.