Coinzo Shuts Down: Major Turkish Crypto Exchange

Coinzo, one of Turkey’s biggest cryptocurrency exchanges, is closing its digital asset exchange services. The platform said its website will still be online. For the next six months to cater to its users to withdraw their holdings in cryptocurrency and Turkish fiat money.

Another of Turkey’s Crypto Exchanges Closes Amid Ankara’s ‘War’ on Cryptocurrency

A leading Turkish crypto exchange Coinzo announced on Monday it’s ending trading operations. The platform called on its patrons to withdraw their assets. In Turkish lira and cryptocurrency without giving any particular reason for its decision to exit the market. In an announcement published on its website, the company said that:

 We have decided to terminate our digital asset service provider (cryptocurrency platform) service.

The exchange emphasized that its website, Coinzo.com, will continue to be available for another six months. During which traders will be able to log in to their accounts and withdraw Turkish lira and cryptocurrencies. All features will be available excluding the purchase and sell options.

“Our support team will continue to provide solutions to our users’ problems during this process,” Coinzo added. It also guaranteed that “all Turkish lira and crypto money assets belonging to our users are safe.”. Cryptocurrency holdings that are lower than the minimum withdrawal limit. Will be credited to users’ accounts in Turkish lira within a week of the proclamation.

More news on coinzo closure

The exchange revealed that it had already stopped the Turkish lira’s trading pair with its own Coinzo token (CNZ). So that its proprietor are not affected by price changes after the closure announcement. CNZ balances will be converted at the last transaction rate of 1.516 lira per coin. And amounts transferred within seven working days.

Withdrawals in Turkish lira can be made to a bank account that matches the name. And surname in a verified Coinzo account. The platform is not going to charge the usual fiat withdrawal commission. And the minimum withdrawal limit has been set to 0.1 lira. It has also provided detailed instructions on how to withdraw crypto assets to another wallet.

Coinzo, handled by a company based in the city of Izmir. Is one of the five biggest exchanges in Turkey, according to a report by the Turkish news portal Diken. The publication claims the crypto platform was registering close to 500 million lira (over $55 million) in daily trading volumes.

President of Turkey Recep Tayyip Erdoğan

Additional news

The fall down of Coinzo follows that of other Turkish cryptocurrency exchanges such as Thodex and Vebitcoin. The two halted operations earlier this year after TCMB, the central bank of Turkey, prohibited the use of cryptocurrencies for payments. Following the ban, Turkish authorities also updated crypto regulations in May, introducing stricter requirements for local crypto trading service providers.

The news of Coinzo’s decision to close down comes after President Recep Tayyip Erdoğan stated in September that Turkey is “at war” with cryptocurrency, despite earlier reports that the Turkish government had prepared a draft law to regulate the country’s crypto space, expected to enter parliament this October. In July, deputy minister of treasury and finance, Şakir Ercan Gül, was quoted as saying that “those that ban [cryptocurrencies] are generally countries with democracy problems.” His comments suggested that Turkey will follow in the footsteps of the West in terms of its regulatory approach to the industry.

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