The Turkish cryptocurrency exchange, Vebitcoin, has announced that it is shutting down its business and is undergoing an investigation by the country's financial watchdog agency, the Financial Crimes Investigation Board (MASAK).
The news of Vebitcoin’s closure comes just a few days after Turkish authorities arrested four people for alleged ties to a Ponzi scheme linked to the exchange. The scheme was allegedly used to defraud thousands of customers out of millions of dollars.
MASAK stated that its investigation is focusing on whether Vebitcoin had violated any regulations, laws, or international standards when it provided services to its customers. Additionally, MASAK is looking into possible links between Vebitcoin and the illegal Ponzi scheme.
Vebitcoin was founded in 2018 and has since become one of the largest cryptocurrency exchanges in Turkey. According to the website, the exchange offered a range of services including buying and selling cryptocurrency, offering e-money services, and offering wallet services.
Vebitcoin Issues A Statement
In a statement issued on Wednesday, Vebitcoin said that it had decided to shut down its exchange services in order to protect its customers and to comply with the MASAK investigation. The company also said that it was "in the process of refunding customer funds as quickly as possible."
Vebitcoin added that it had taken "immediate steps" to prevent customers from accessing their funds until the investigation was complete.
What This Means For Turkish Cryptocurrency Traders
This news is a blow to the Turkish cryptocurrency industry, which has been growing rapidly in the past few years.
However, it is important to note that Vebitcoin is not the only exchange in the country and other exchanges are still operating. So, while it may be more difficult for Turkish cryptocurrency traders to find a trusted exchange, it is still possible.
Takeaways
- Vebitcoin, a Turkish cryptocurrency exchange, has announced that it is shutting down its business and undergoing an investigation by Turkish financial watchdog agency MASAK.
- The investigation is looking into whether Vebitcoin had violated any regulations, laws, or international standards when it provided services to its customers.
- Vebitcoin is refunding customer funds as quickly as possible and has taken steps to prevent customers from accessing their funds until the investigation is complete.
- This news is a blow to the Turkish cryptocurrency industry, but other exchanges are still operating.