It has been a rough week for cryptocurrency enthusiasts and traders in Turkey as the government does some reconsidering regarding the current crypto regulations. There have been talks of instating a permanent crypto ban which got denied by the central bank of Turkey as they are positive, some regulations around cryptocurrency can be drafted in the next few weeks, and the situation would go back to normal. But till then, the ban will remain in effect, which has led to the closure of another crypto trading platform in Turkey known as Vebitcoin; not only the trading operations but the withdrawal process have been terminated permanently till further notice. It becomes hard for regular investors to hang in the balance if they can’t get their hands on their earnings on time.

Crypto Trading Platforms Continue to Collapse

It might seem that the cryptocurrency platform is getting closed as the ramifications of the government’s actions against the crypto crackdown, but another hypothesis drafted by investors and traders is that this is all part of a great corporate scam that is turning a government event into something wretched to milk the investors. A message was published on their official site that due to the current situation, the company’s financial position has been wrecked beyond repair, due to which it is temporarily restricting its trading and withdrawal services. Another point made in this message was directed towards the actions that the crypto trading platform needs to undertake to comply with the current regulations. The end of the message emphasized the fact that the exchange will reopen after the current financial restriction is dealt with. 

Other rumors spinning around this fact entail that the company’s CEO and three major associates have been arrested, which has led to such an aggressive tumble. This almost feels too artsy and crafty to believe, but at the end of the day, these are rumors that are not backed up with progressive evidence at all. It is possible that after the current tension emerging in Turkey is dealt with, the exchange would continue its operations once again. Till then, one can only hope for the best.