The national currency of Turkey is the lira. For nine years its value has been declining. And the entire region still suffers from the fallout of the techno-pandemic which has devastated the economy.
The dramatic rise of cryptocurrency attracted first-time investors who were desperate to protect their money from inflation. And they were hoping to profit.
Bloomberg reports that in Turkey, it only takes about 50,000 lira ($6,000) for anyone to establish a crypto exchange. Cryptocurrency is still so new it is not heavily regulated. In 2020 there was lots of news of frauds in the crypto marketplace. And some of the exchanges are run by unqualified crypto bosses making promises they can’t keep to new investors.
Global newswire just announced in December that Turkey-based Thodex has recently become a global brand. The company obtained FinCen MSB licensing from the U.S. This enabled it to recruit users internationally.
With over 700,000 users Thodex is still one of the biggest crypto exchanges in Turkey.
Cryptocurrency Exchange goes Offline
Many of them signed up for the introductory offer of ‘millions’ of free Dogecoins. A recent statement from the exchange says 4 million of the meme-inspired crypto tokens have been distributed. But a number of users insist they haven’t received the free Dogecoin promotion.
