Vebitcoin, a Turkish crypto exchange shuts down its operations citing financial difficulty as the reason behind its action.

“Due to the recent developments in the crypto money industry, our transactions have become much more intense than expected.”

In a statement posted on its website, the crypto exchange further stated:

“We have decided to cease our activities in order to fulfill all regulations and claims. We will inform you as soon as possible.”

Vebitcoin is the fourth largest crypto exchange in Turkey. According to the state-run Anadolu news agency, the Financial Crimes Investigation Board has already conducted a probe and blocked the crypto exchange’s bank accounts. In an update, four people were detained. Vebitcoin CEO Ilker Bas were among those detained as part of the investigation.

On Thursday, Thodex, another Turkish crypto exchange halted its operations without prior notice. According to reports, Faruk Fatih Özer fled the country for Thailand on Wednesday night. The crypto exchange is now under probe and Özer will be facing charges of a billion-dollar fraud. 62 people were detained in connection with the case filed against the crypto exchange. 

Vebitcoin is now the second crypto exchange in a row that has ceased operations in the country. On April 16, Turkey Central Bank implemented a ban on the use of cryptocurrencies as payment. With the current turn of events, it’s inevitable for Turkey to implement stricter regulations on cryptocurrencies.

In data by Coinmarketcap, Vebitcoin has a trading volume of $57,801,109. The crypto exchange was founded in 2017.