Turkey’s Vebitcoin — The Second Exchange To Collapse After Central Bank’s Crypto Payments Ban

Turkish crypto exchange Vebitcoin announced Friday that it ceased operations, making it the second Turkish venue to collapse after the nation’s central bank barred cryptocurrency as a payment option earlier this month.

“We would like to state with regret that this situation has led us to a very difficult process in the financial field,” the company said in a translated statement. “We have decided to cease our activities in order to fulfill all regulations and claims.”

Soon after it decided to cease operations, four people from Vebitcoin were detained on fraud charges, according to a Turkish prosecutor cited by Reuters. Turkey’s Financial Crimes Investigation Board (MASAK) also blocked onshore bank accounts associated with the exchange.

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