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Shock in Turkey - Another Turkish Crypto Exchange, Vebitcoin, Stops Trading

Business | April 24, 2021, Saturday // 17:03

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Bulgaria: Shock in Turkey - Another Turkish Crypto Exchange, Vebitcoin, Stops Trading

Turkish-based crypto exchange Vebitcoin announced that it had halted trading activities on its platform.

“Recent developments in the cryptocurrency sector have led to an intensity in our transactions. This causes delays in responding to your withdrawal requests and support emails. Your transactions can take longer than expected. FYI,” Vebitcoin said in a statement.

On Thursday, Turkish cryptocurrency exchange Thodex abruptly halted trading on Wednesday citing an unspecified partnership transaction, spurring complaints from users who can’t access their digital assets.

The exchange, which has been operating since 2017, said in an undated statement on its website that it decided to allow outside investment to serve clients better. Services will remain shut for about five working days while the share transfer is completed, but users needn’t worry about their investments, it said.

The statement didn’t identify the investor or the nature of the investment. Chief executive and founder Faruk Fatih Ozer didn’t respond to calls to his mobile phone during business hours.

Allegedly, Thodex CEO Faruk Fatih Özer left the country last evening and deleted his social media accounts.

One estimate put the locked-up funds at between -10 billion.

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