Turkish crypto exchange stops trading amid reports of police raids

Major Turkish cryptocurrency exchange Thodex has 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 has suspended transactions for a period of four to five days. According to a statement, the platform stopped trading and withdrawing due to an alleged partnership with “world-renowned banks and finance companies” to improve its services.

Thodex said its customers need not worry about their investments, saying that “users will be informed regularly” during the suspension period. The exchange had earlier announced a six-hour service on Tuesday.

The abrupt suspension of trading and withdrawals is of concern to the crypto community as the exchange has gone radio silent since the hiatus was announced.

Local publications speculated that the suspension could be part of an exit scam amid reports that company founder Faruk Fatih Özer has fled to Thailand with $ 2 billion worth of crypto. The founder allegedly left Istanbul airport on Tuesday, while local authorities launched a criminal investigation against the company and raided Thodex’s offices.

Thodex did not respond to Cointelegraph’s requests for comment.

The news comes amid a fresh wave of concern over the Turkish government’s stance on cryptocurrency regulation. The country’s central bank has officially announced a ban on crypto payments effective April 30.

Additional reporting by Erhan Kahraman and Ayse Karaman.