Four employees of a crypto exchange arrested

Almost two weeks after the Bitcoin ban in Turkey, four employees of the crypto exchange Vebitcoin have now been arrested.

After the Turkish central bank recently announced a ban on Bitcoin payments, further measures by the national authorities have now become public, which could possibly indicate a general crypto ban. How Reuters reported, the Turkish police arrested four employees of the crypto exchange last weekend Vebitcoin, the charge: fraud. Shortly before, the trading platform stopped all crypto transactions. In the run-up, the law enforcement authorities have already imposed similar measures against the crypto exchange Thodexwhose CEO is still on the run.

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So now Vebitcoin too. In Turkey, the exchange was one of the largest crypto trading platforms in the country. Vebitcoin recorded a daily trading volume of almost 60 million US dollars. Meanwhile it says on the Homepage:

We regret to say that this situation has led us to a very difficult process in finance. We have therefore decided to stop our activities in order to meet all regulations and requirements. We will inform you as soon as possible.

Vebitcoin on his company homepage

Is there a Bitcoin ban coming in Turkey after all?

Although the Turkish central bank already issued restrictions on Bitcoin in advance, there was never any talk of a general ban on cryptocurrency. For example, the central bank chief Şahap Kavacıoğlu told the state broadcaster TRT:

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You can’t fix anything by banning cryptos. We have no intention of doing this.

Şahap Kavacıoğlu across from TRT

However, these statements seem to be in contradiction with the approach taken by the Turkish authorities. Since the exchange rate of the Turkish lira has been on a downward trend, the interest of the population within Turkey in limited assets and foreign currencies has increased. Thereupon the Turkish President Erdogan called on the citizens to let these assets flow back into the domestic economic cycle. With the ban, Turkey now seems to be trying to counteract the development of a parallel economy. This was preceded by a broad wave of acceptance in various business areas. For example, “Royal Motors”, the Turkish branch of “Rolls-Royce”, also accepted Bitcoin as a means of payment.

Possession and speculation in cryptocurrencies remained legal even after the ban in Turkey. However, the characteristic anonymity of many crypto currencies is likely to be a thorn in the side of the government, which is why it is quite conceivable that further measures will be taken to further restrict the use of crypto assets.


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