Another Turkish cryptocurrency exchange has suddenly closed its doors. This time it is about Vebitcoin, one of the larger exchanges in the country. The police have now arrested four employees of exchange.
It is no longer possible to trade in crypto on the exchange’s website. Instead, you can only read a message in which the platform announces that it is in a difficult financial situation:
“Recent developments in the crypto industry have made transactions on our platform much more intense than expected. We regret to announce that this has put us in a very difficult financial situation. We have decided to discontinue our activities to comply with all regulations and claims. We will inform you as soon as possible. ”
It is not immediately clear what is meant by “the recent developments in the crypto industry”. It probably has to do with the recent announcement that the Turkish government will ban crypto payments.
However, it recently became clear that at least there will be no total ban on crypto in the country. However, the laws and regulations for the crypto sector will be tightened, including the ban on payments with crypto.
This makes the news about Vebitcoin remarkable. Yesterday, therefore, four people were arrested. Mehmet Nadir Yağcı, the prosecutor in Muğla, Turkey, said the following about this yesterday:
“Following the searches and seizures carried out at the company’s headquarters and at some addresses, four people, who are company directors and employees, were arrested. The investigation carried out by the Cybercrime Department of Muğla Police is conducted in a versatile and accurate manner. ”
Vebitcoin is not the first Turkish exchange to hit the news this week. Another exchange, Thodex, hit the headlines after the platform suddenly went offline. This is believed to be an exit scam. People have also been arrested in this case.