Vebitcoin has stopped operating citing worsening financial conditions, according to Bloomberg. The collapse has left CEO Ilker Bas and three other employees in custody.
Following the collapse, Tukey’s Financial Crimes Investigation Board has blocked Vebitcoin’s accounts and opened a probe.
The collapse of Vebitcoin happens days after another crypto exchange Thodex ceased operations and its founder fled.
Turkey’s central bank has stopped the use of cryptos to make payments from April 30, including prohibiting money institutions facilitating money transfers to crypto platforms.
The central bank has hinted of more regulations in the crypto industry, citing “disturbing money outflows outside of Turkey via cryptocurrencies.”
Vebitcoin accounts for close to $60 million in crypto daily volumes, making it the fourth biggest exchange in Turkey.
