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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about