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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.
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.
STORY CONTINUES BELOW
- 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.
Read more: Bitcoin Price Drops as Turkey Bans Crypto Payments Amid Currency Crisis
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
