Thodex, Turkey’s main cryptocurrency exchange, has suddenly halted trading and withdrawals amid reports of police raids, Cointelegraph Turkey reported on Thursday.

On Thursday, Thodex posted an official announcement on Twitter notifying users to suspend transactions for a period of four to five days. According to the statement, the platform has stopped trading and withdrawing funds due to an alleged partnership with “world-renowned banks and finance companies” to improve services.

Thodex said clients do not need to worry about the investment, saying “users will be informed regularly” during the suspension period. The bourse earlier announced a six-hour maintenance leave on Tuesday.

The sudden suspension of trading and withdrawals alarmed the cryptocurrency community when the stock market had been silent on the radio since the break was announced.

Local posts indicated that the suspension could be part of an exit scam among reports that company founder Faruk Fateh Ozer has fled to Thailand with a $ 2 billion cryptocurrency. The founder was said to have left Istanbul Airport on Tuesday, while local authorities opened a criminal investigation against the company and raided Thodex’s offices.

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

This news comes amid a renewed wave of concern over the Turkish government’s stance on regulating cryptocurrencies. The country’s central bank officially announced a ban on payment of cryptocurrencies from April 30.

Source: CoinTelegraph