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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.

By Kevin Reynolds
AccessTimeIconApr 24, 2021 at 7:02 p.m. UTC
Updated Sep 14, 2021 at 12:46 p.m. UTC
Istanbul, Turkey
Istanbul, Turkey
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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.

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