Turkish Crypto Exchange 'Thodex' Halts Trading & Withdrawals For 4-5 Days.

Turkish Crypto Exchange 'Thodex' Halts Trading & Withdrawals For 4-5 Days.

2021-04-22 | Big Bob

Turkish Crypto Exchange 'Thodex' Halts Trading & Withdrawals For 4-5 Days.

Leading Turkish cryptocurrency exchange Thodex has abruptly halted trading and withdrawals amid reports of police raids, as per an official report earlier today on Thursday. Thodex posted an official announcement on Twitter on Thursday, informing users that it's halting transactions for a period of 4 to 5 days. Consistent with a press release, the platform stopped trading and withdrawals due to a purported partnership with “world-leading banks and funding firms” to enhance its services. Thodex outlined that its clients shouldn't be worried about their investments, stating that “users are going to be informed regularly” within the suspension period. The exchange had earlier also announced a 6-hour-long maintenance break earlier on Tuesday. The abrupt suspension of trading and withdrawals has concerned the cryptocurrency community, as the exchange has gone radio silent since announcing the interruption. Native publications speculated that the suspension might be a part of an exit scam amid reports that the firm’s founder, Faruk Fatih Özer, has fled to Thailand with $2 Bln worth of crypto. The founder allegedly left Istanbul Airport earlier on Tuesday, while the native authorities have launched a criminal investigation against the firm and raided Thodex’s offices. The news comes amid a new wave of concern over the Turkish government’s stance on crypto regulation. The country’s central bank also officially announced a ban on cryptocurrency-related payments effective as of 30th April.

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