Turkish crypto founder flees with reported $2 billion A picture shows the first Italian Bitcoin crypto currency shop "Bitcoin Compro Euro" (meaning I Buy Euro), on Dec.11 in Rovereto, northern Italy. Bitcoin surged past $18,000 after making its debut on a major global exchange but was trading lower on Dec.11, highlighting the volatility of the controversial digital currency that has some investors excited but others nervous. (AFP/Pierre Teyssot) Share this article Whatsapp Facebook Twitter Linkedin AFP Istanbul, Turkey ● Thu, April 22, 2021 Turkish prosecutors on Thursday opened an investigation after the Istanbul-based founder of a cryptocurrency exchange shut down his site and fled the country with a reported $2 billion in investors' assets. The Thodex website went dark after posting a mysterious message saying it was suspending trading for five days on Wednesday because of an unspecified outside investment. Turkish security officials then released a photo of Thodex founder Faruk Fatih Ozer going through passport control at Istanbul airport on his way to an unspecified location. A screen grab made from a CCTV released by Demiroren News Agency on April 22,2021 shows Thodex founder Faruk Fatih Ozer on passport control at Istanbul international airport. Turkish prosecutors on April 22, 2021, opened an investigation after the Istanbul-based founder of a cryptocurrency exchange shut down his site and fled the country with a reported $2 billion in investors' assets.The Thodex website went dark after posting a mysterious message saying it was suspending trading for five days on April 21, because of an unspecified outside investment. (AFP/Handout) Local media reports said Ozer -- reported to be either 27 or 28 years old -- had flown either to Albania or Thailand. HaberTurk and other media said Thodex shut down after running a promotional campaign that sold Dogecoins at a big rebate -- but did not allow investors to sell. Reports said the website and the entire exchange had shut down while holding at least $2 billion from 391,000 investors. "The victims are panicked," investors' lawyer Oguz Evren Kilic was quoted as saying by HaberTurk. "They are lodging complaints at prosecutors' offices in the cities they reside." Prosecutors launched an investigation into the businessman on charges of "aggravated fraud and founding a criminal organisation", the private DHA news agency said. Thodex has launched aggressive campaigns to lure investors. It had first pledged to distribute luxury cars through a flashy advertising campaign featuring famous Turkish models. The platform then launched its Dogecoin drive. The cryptocurrency is getting particularly popular among Turks who are looking to preserve their saving in the middle of a sharp decline in the value of the local lira. The Turkish crypto market remains unregulated despite growing scepticism from President Recep Tayyip Erdogan's government about the safety and use of digital currencies. The Turkish central bank has decided to ban the use of crypto currencies in payments for goods and services starting from April 30. It warned that cryptos "entail significant risks" because the market is volatile and lacks oversight. "Wallets can be stolen or used unlawfully without the authorization of their holders," the central banks warned last week. 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(AFP/Luis ACOSTA ) Share this article Whatsapp Facebook Twitter Linkedin Erika Mouynes Panama City ● Tue, March 23, 2021 Misconceptions and misunderstandings around the banking and financial systems in Central America are an everyday reality for countries like Panama. As a result, it is critical that we constantly communicate the efforts we are undertaking to ensure transparency within our systems, and demonstrate our commitment to meet the international standards that preclude money laundering and the financing of terrorism. This is no small task, but let me be clear: We do not shy away from the challenge and are proud of the tremendous progress we have made thus far. Over the past five years, Panama has completely restructured the country’s legal framework and collaborated closely with leading international authorities to overcome the stigma originating from the misleading report called the “Panama Papers”. While the title was a clever literation, the vast majority of the parties cited in the report originated outside Panama. When you look closer at reports like the recently leaked “FinCEN Files”, it essentially validates that we are not the cause or the facilitator of the problem. In our efforts to strengthen our international standing, it is also vitally important that smaller nations like Panama are afforded the requisite consideration and understanding they need in order to facilitate and implement changes to our legislation and regulate our financial services sector. Unfortunately, countries of our size simply don’t have readily available resources and finances to dedicate at the pace that is expected of us from international authorities. What we need from international communities is partnership and support, not unnecessary adversity that could hinder our progress. Put in simple terms, what we need is cooperation. Panama is focused on delisting as an integral component of its growth plan, which includes a series of commitments: to the environment and sustainability; to democracy, security, the rule of law, global financial standards and women’s rights; and to being a responsible destination for investment and tourism. Panama has modernized its legal framework through the approval of laws, executive decrees and other regulations in order to be removed from the European Union, Organisation for Economic Cooperation and Development and Financial Action Task Force lists and to turn the page, once and for all, on negative claims that impact our country’s reputation. Although we recognize there is still work to be done, we are proud of what we have accomplished to date, especially as we collectively navigate the adversities imposed by the COVID-19 pandemic. Despite the challenges that we, like all countries, have faced during the pandemic, international markets have continued to recognize Panama’s political and financial stability. Not only have we been able to successfully mitigate the financial impacts of the pandemic, just recently, Panama’s National Bank issued a 10-year bond for US$1 billion – and it was oversubscribed by close to $5 billion. This demand further solidified our standing to the world, demonstrating that our economy remains strong and that investors trust Panama’s approach to financial recovery from the pandemic. Our stability is also thanks in large part to our diversified economy, which is less exposed to macroeconomic shocks than other economies in the region and ready to take on the challenges of a 21st century economy. Vital to our resiliency is also the strength of our growing digital hub. Panama boasts a robust digital infrastructure with strong connectivity, thanks to the seven submarine optical fiber cables that allow us to offer unlimited bandwidth to businesses and academia with minimal risk of interruption by natural disasters. Its full compatibility with the US and the UK has allowed Panama to become a destination of choice for global telecommunications companies and data centers. Today, Panama is the link to 100 percent of regional internet traffic, 90 percent of international voice traffic and over 90 percent of data transmission. Panama is, and has always been, at the service of the region and the world, and we are proud of being a reliable partner to a number of companies and nations. Our geostrategic position, connecting the Atlantic to the Pacific, allows us to play a critical role in international trade. We understand that with such a privilege comes the responsibility to ensure the uninterrupted flow of essential goods to and from countries around the world. We have never seen that more evident than with the COVID-19 pandemic. Amidst the crisis, we remained committed to ensuring that international supply chains for critical resources such as food and medicines were uninterrupted. Our ports and airports were open to international traffic, never ceasing to connect the 144 maritime routes and over 1,700 ports that depend on the Panama Canal. Panama is about collaboration and has a strong foundation for continued success. Its sound business environment ranks Panama 7th out of the 32 countries in Latin American and the Caribbean by the World Bank for its ease of doing business. Classified as an investment-grade country since 2010, Panama has built up strong partnerships across the international business world, with over 150 companies choosing Panama for its regional headquarters. Because of the great foundation that exists today, Panama is the world’s most robust logistical hub with a state-of-the-art maritime industry that is critical for global trade and the distribution of essential goods, including energy, agriculture and healthcare supplies, such as the COVID-19 vaccines. Panama is on a transformative path to regain international confidence and showcase the strides the country has made in the past years. Working in partnership, and not as adversaries, with the international community, we can and will enable a sustainable future for generations to come. *** The writer is foreign minister of the Republic of Panama. 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