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Thodex reportedly shut down while holding investments from nearly 400,000 users.
Turkey issued an international arrest warrant and detained dozens of Thodex employees in raids staged across the country on Friday.
Officials also blocked the account of the Vebitcoin exchange — one of Turkey’s five-largest — and launched an investigation after it abruptly ceased operation citing financial reasons.
Erdogan’s government is reportedly preparing to quickly tighten regulations after deciding to ban crypto from being used for purchases of good and services starting on April 30.
The Turkish central bank warned last week that cryptocurrencies ‘entail significant risks‘ because the market is volatile and lacks oversight.
‘Wallets can be stolen or used unlawfully without the authorisation of their holders,’ the central banks said.
AFRICA DAILY NEWS, NEW YORK