In today’s time, the cryptocurrency industry has gained so much recognition that a country having no idea about it is considered alien. Ever since cryptocurrency technology emerged and made its presence known, the entire world seems to have gone crazy about it.
Every country is on the lookout for adopting technology one way or another. Several collaborations between the mainstream institutions and the cryptocurrency firms are being formed. The industry is constantly making its way to the top of the chain for mainstream institutional adoption.
There was a time when the cryptocurrency industry was perceived by the mainstream institutions illegitimate approach by a group of programmers to bypass regulations and global financial restrictions.
However, the year 2020 turned out to be a turning point for the entire world when the fiat currency ended up having zero worth. The lockdowns, curfews, and the pandemic showed the entire world how helpless the global economy and paper money was.
That was the time when the cryptocurrency industry outshined the rest of the trades and assets in the market. The industry not only offered financial support to the users but also provided its technology that is being used by many sectors from around the world.
Ever since the COVID-19 outbreak, the industry has gained a lot of trust and respect from mainstream institutions. Multiple billionaires and multi-billion dollar companies such as MicroStrategy, MassMutual, and Tesla are now staking their bets with cryptocurrencies.
As the cryptocurrency industry continues to conquer and gain more public trust, it would come as a shock when a country goes ahead and shares its plan of banning cryptocurrencies.
This is when Turkey comes into the picture as the country that has recently shared its concerns over cryptocurrency activities. The Turkish government and regulators recently announced they were looking into banning cryptocurrencies entirely for good.
However, the Turkish authorities are not doing it because they feel like it, they are doing it because of the concerns they have had over the usage of cryptocurrencies.
According to the Turkish authorities, they have received several complaints about the cryptocurrency frauds being carried out by the cryptocurrency exchanges operating in the country.
In the light of the above, the Turkish authorities have recently arrested four employees of one of the cryptocurrency exchanges known as Vebitcoin. The cryptocurrency exchange shut down its services a day before the Turkish authorities alleged it of being involved in crypto-frauds.
Before the shutdown, Vebitcoin announced it was doing it due to the financial strains it has incurred because of the recent cryptocurrency withdrawals, triggered by rumors of crypto-bans in the country.
The authorities have confirmed that they carried out their investigation on the exchange and its officials after the announcement. Therefore, they decided to detain four major players at the exchange who are currently at the director and executive posts.
The authorities have revealed what made them enquire the exchange was the pattern it had followed of shutting down its services. Prior to this, another cryptocurrency exchange in Turkey known as Thodex had followed the same pattern.