Sunday, April 21, 2024

Turkey: After restrictions on Bitcoin, the second major cryptocurrency exchange is collapsing


Cryptocurrency exchange Vebitcoin announced on Friday that it would cease operations. He referred to the deterioration of financial conditions. For their part, Turkish investigative authorities said they had blocked the company’s accounts and launched an investigation into Vebitcoin and its executives. Agencies like Reuters or Bloomberg report this.

Vebitcoin, the fourth largest cryptocurrency exchange in Turkey with a daily volume of almost 60 million US dollars. More than half of that volume comes from Bitcoin, which lost about 20 percent in value this week.

Turkish cryptocurrency exchange Thodex had previously surrendered. Its 27-year-old founder fled Turkey. The platform has around 390,000 users. Their losses could amount to $ 2 billion, according to the Turkish newspaper Haberturk. Allegations of fraud have been reported.

The daily cryptocurrency trading volume in Turkey is around $ 2 billion. The cryptocurrency boom in Turkey can also be explained by the fact that many Turks are suspicious of the local currency, the lira. The lira has lost about 10 percent against the dollar this year.

Turkey announced a ban on payments with Bitcoin and other cryptocurrencies for about a week. The central bank wrote that the new rule, which will apply from the end of April, will affect direct and indirect payments with Bitcoin and other cryptocurrencies.

Cryptocurrencies are not subject to any regulation or supervision by a central bank and therefore carry high risks. The use of digital money could generate losses for consumers and retailers. Furthermore, the central bank is concerned that cyber currencies will put further pressure on the lira.


Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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