Turkey: Vebitcoin follows the steps of Thodex

Following Thodex, cryptocurrency trading company Vebitcoin announced that it was shutting down, citing deteriorating financial conditions.


Control mechanisms in Turkey announced that they have blocked the accounts of the company and have started an investigation against Vebitcoin and its executives.


Cryptocurrencies are attracting legions of Turks trying to protect their savings from rampant inflation and an unstable currency. Inflation hit 16.2% in March, more than 3 times higher than the central bank’s target, and the lira has decreased more than 10% against the dollar this year.


Turkey’s central bank has banned the use of cryptocurrencies to buy goods and services, citing possible “irreparable” damage and significant trading risks, in a move that “froze” bitcoin prices.


The central bank said that cryptocurrencies and other such digital assets cannot be used directly or indirectly as a means of payment.