Turkey’s second-largest exchange to crack down on crypto assets

Vebitcoin, the country’s second crypto asset exchange, has ceased activity in Turkey, where a financial crime investigation committee investigation into the crypto asset industry is underway.

The official website of Bebitcoin has already announced the suspension of its activities in a Turkish message. According to the message, the recent movement of the crypto asset industry has resulted in more fierce than expected bebitcoin transactions, which is being forced into a difficult process in the financial sector, and that activities are being suspended to meet all regulations and demands.

In Turkey, more and more people are turning to crypto assets to protect their savings because of inflation and the stagnation of the domestic currency, the Lira. On the other hand, there are voices demanding regulation due to concerns about fraudulent behavior, and the Central Bank of Turkey banned cryptographic asset settlement in April 2021.

According to reports, in Turkey, the Financial Crimes Investigation Commission is conducting an investigation of the crypto asset platform, the BabyBitcoin account is blocked, and four people are detained for fraud. In addition, prior to the suspension of Babybitcoin activities, Todex stopped activities on other exchanges and founder (Faruk Fatih Ozer) escaped to Albania with an asset of $2 billion. He has been issued an international arrest warrant in Turkey and 62 people are detained. Related information can be found here.