Vebitcoin Exchange Closes Amidst Turkey Crypto Ban

The Turkey crypto ban is not yet implemented but it is taking a toil on exchanges.

Fresh with the Thodex Exchange exit, Vebitcoin Exchange stop trading last Friday. 

Citing financial strains and regulatory compliance, the fourth largest cryptocurrency exchange in Turkey closes its door to traders and investors.

Investors and traders of the exchange are locked out of their account.

This prompted The Financial Crimes Investigation Board (MASAK) to froze all onshore bank accounts linked to Vebitcoin and launched a probe into the case.

The prosecutor Mehmet Nadir Yagci also said they have detained four administrators and personnel of the exchange on allegations of fraud.

With this sudden closure of crypto exchanges, how can investors cope with the growing inflation and lira devaluation?

#SmartCrypto