Turkish cryptocurrency exchange halts operations amid reports of police raid.

Thodex has been silent since announcing the suspension of operations and withdrawals.

Major Turkish crypto exchange Thodex abruptly halted trading and withdrawals amid reports of police raids, Cointelegraph Turkey reported Thursday.

Thodex posted an official announcement on Twitter on Thursday, informing users that it had paused transactions for a period of four to five days. According to a statement, the platform stopped operating and making withdrawals due to an alleged partnership with “world-renowned banks and finance companies” to improve their services.

Turkey will ban cryptocurrency payments
Thodex said its clients need not worry about their investments, and stated that “users will be informed regularly” during the suspension period. The exchange had previously announced a six-hour maintenance pause on Tuesday.

The abrupt suspension of transactions and withdrawals has concerned the crypto community, as the exchange has gone silent since announcing the halt.

Bitcoin Searches in Turkey Increase 566% Following Turkish Lira Fall 14%
Local media speculated that the suspension could be part of an exit scam amid reports that the company’s founder, Faruk Fatih Özer, had fled to Thailand with $ 2 billion in cryptocurrency. The founder allegedly left Istanbul airport on Tuesday, while local authorities launched a criminal investigation against the company and raided Thodex offices.

Amid Inflation Troubles, Turkey Announces 2021 CBDC Tests
The news comes amid a new wave of concern over the Turkish government’s stance on crypto regulation. The country’s central bank officially announced a ban on crypto payments as of April 30.

Turkish cryptocurrency exchange halts operations amid reports of police raid.

Thodex has been silent since announcing the suspension of operations and withdrawals.

Major Turkish crypto exchange Thodex abruptly halted trading and withdrawals amid reports of police raids, Cointelegraph Turkey reported Thursday.

Thodex posted an official announcement on Twitter on Thursday, informing users that it had paused transactions for a period of four to five days. According to a statement, the platform stopped operating and making withdrawals due to an alleged partnership with “world-renowned banks and finance companies” to improve their services.

Turkey will ban cryptocurrency payments
Thodex said its clients need not worry about their investments, and stated that “users will be informed regularly” during the suspension period. The exchange had previously announced a six-hour maintenance pause on Tuesday.

The abrupt suspension of transactions and withdrawals has concerned the crypto community, as the exchange has gone silent since announcing the halt.

Bitcoin Searches in Turkey Increase 566% Following Turkish Lira Fall 14%
Local media speculated that the suspension could be part of an exit scam amid reports that the company’s founder, Faruk Fatih Özer, had fled to Thailand with $ 2 billion in cryptocurrency. The founder allegedly left Istanbul airport on Tuesday, while local authorities launched a criminal investigation against the company and raided Thodex offices.

Amid Inflation Troubles, Turkey Announces 2021 CBDC Tests
The news comes amid a new wave of concern over the Turkish government’s stance on crypto regulation. The country’s central bank officially announced a ban on crypto payments as of April 30.