Turkey Blocks Bank Accounts of a Crypto Exchange Even as It Hunts for the CEO of Another

April has not been a kind month to crypto in Turkey.

AccessTimeIconApr 23, 2021 at 11:49 p.m. UTC
Updated Sep 14, 2021 at 12:46 p.m. UTC

Turkish authorities blocked all onshore bank accounts of cryptocurrency exchange platform in the country, the state-run Anadolu news agency said.

  • The action late Friday came after crypto exchange Vebitcoin announced that it stopped all of its activities citing financial strains, Anadolu said.
  • The Turkish Financial Crimes Investigation Board has launched an investigation of the exchange and its managers, the state-controlled agency said.
  • The move against Vebitcoin comes a day after the agency reported police detained 62 people in connection with criminal complaints filed against crypto exchange Thodex.
  • The Thodex crypto exchange went offline April 18 with its CEO subsequently going missing, fleeing the country according to reports. Users have reportedly filed a complaint alleging hundreds of millions of dollars have been stolen, Anadolu reported.
  • April has not been a kind month to crypto in Turkey. Even before the actions against Thodex and now Vebitcoin, the Turkish central bank announced on the 16th that cryptocurrency is to be banned as a means of payment.
  • The ban is being enacted at a time when crypto use was soaring as the Turkish lira has faced significant outside selling pressure.
  • The currency plunged in foreign exchange markets following President Recep Tayyip Erdogan’s firing of the nation’s top central banker Naci Agbal in March.
  • Many have turned to cryptocurrency as an alternative method of payment in order to circumvent the issues plaguing the lira.

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