Turkish Authorities Detain Four in Probe of Vebitcoin Crypto Exchange: Report

It's the second crypto platform in a week to face troubles in a country that is banning the use of cryptocurrencies for payments.

AccessTimeIconApr 24, 2021 at 7:02 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 have detained four people as part of an investigation into Vebitcoin, a cryptocurrency exchange platform, Reuters reported, citing a statement from a local prosecutor on Saturday.

  • The action comes a day after state-run media announced bank accounts associated with the exchange had been frozen and a probe had begun following an announcement on Vebitcoin's website that says the exchange had stopped all of its activities due to financial strains. The most recent tweet on the exchange's Twitter feed said payments were delayed because of the financial stress.
  • Vebitcoin is the second crypto platform in a week to face troubles after authorities detained 62 people with suspected ties to the Thodex platform, which went offline on April 18. Its CEO has gone missing amid claims of missing funds.
  • It's not been a kind month for crypto in Turkey. Thodex went offline two days after the central bank announced a ban on the use of cryptocurrencies as a means of payment, effective April 30.
  • The ban is being enacted at a time when crypto use was soaring as the Turkish lira has faced significant outside selling pressure.


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.