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Another Turkish Exchange Vebitcoin Halts Operations

Amid the chances of a complete national ban on cryptocurrency, several local Turkish digital assets exchanges are now shutting down, with as many as four employees of the Vebitcoin arrested over the accusations of fraud.

On Friday, in a statement posted on its website, the Turkey-based platform announced to cease its operations, citing an unspecified financial strain that led to the decision to shut down the trading. Meanwhile, experts suggest that the decision to shut operations comes amid an unprecedented number of withdrawals ahead of Ankara’s potential ban on the digital coin.

The statement read, “We have decided to cease our activities to fulfill all regulations and claims.” With a daily volume of a staggering $60 million, Vebitcoin was among the largest in the Eurasian country. Reportedly, the world’s most famous coin, Bitcoin, accounted for almost half of the trade.

On Saturday morning, the chief prosecutor of Mugla announced in a statement that as many as four individuals related to Vebitcoin had been detained over the allegations of involvement in fraudulent activities. Mehmet Nadir Yağcı said,

Following the search and seizure operations carried out at the company headquarters and at some addresses, four people, who are company directors and employees, were detained. The investigation carried out by the Directorate of Cyber ​​Crimes Branch of the Muğla Police Department is carried out in a multifaceted and meticulous manner.

Meanwhile, the local media reports suggest that the Turkish financial watchdog is investigating the possible crypto frauds by Vebitcoin. The announcement comes after another prominent Turkish platform, Thodex, announced in a statement published on its blog that it was halting its operations amid media reports of law enforcement’s raids. Reportedly, the exchange’s founder has flown to Albania.

In response, the police issued arrest warrants against seventy-five individuals. So far, Turkish law enforcement has detained a total of 62 people. The change in the Turkish government’s policy comes following the new head of the central bank took charge and started banning crypto assets to save the local currency.

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