Turkey’s leading crypto exchange Coinzo closes its doors – Bitcoin exchanges news

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Coinzo, one of Turkey’s largest cryptocurrency exchanges, is ending its digital asset trading services. The platform said its website will remain live for the next six months to allow users to withdraw their holdings of cryptocurrency and Turkish fiat currency.

Another of Turkey’s crypto exchanges ends amid Ankara’s ‘war’ on cryptocurrency

The main Turkish crypto exchange Coinzo announced on Monday that it was ending its trading operations. The platform called on clients to withdraw their Turkish lira and cryptocurrency assets without providing any specific reason for its decision to exit the market. In a notice posted on its website, the company said:

We have decided to discontinue our service as a digital asset service provider (cryptocurrency platform).

The exchange stressed that its website, Coinzo.com, will remain accessible for another six months, during which time traders can log into their accounts and withdraw Turkish lira and cryptocurrencies. All features will be available except buy and sell options.

“Our support team will continue to provide solutions to our users’ issues during this process,” Coinzo added. He also assured that “all Turkish Lira and cryptocurrency assets owned by our users are safe.” Cryptocurrency holdings below the minimum withdrawal limit will be credited to users’ Turkish Lira accounts within a week of the announcement.

The exchange revealed that it had already suspended the pair from trading the Turkish Lira with its own Coinzo (CNZ) token so that its holders would not be affected by price changes after the closure was announced. CNZ balances will be converted at the last transaction rate of 1.516 lire per coin and the amounts transferred within seven working days.

Withdrawals in Turkish Lira can be made to a bank account corresponding to the first and last name of a verified Coinzo account. The platform will not charge the usual fiat withdrawal commission and the minimum withdrawal limit has been set at 0.1 lira. He also provided detailed instructions on how to withdraw crypto assets to another wallet.

Coinzo, operated by a company based in the city of Izmir, is one of Turkey’s five largest exchanges, according to a report by Turkish news portal Diken. The publication claims that the crypto platform recorded nearly 500 million lira (over $ 55 million) in daily trading volumes.

Turkish President Recep Tayyip Erdogan

Coinzo’s collapse follows that of other Turkish cryptocurrency exchanges such as Thodex and Vebitcoin. Both operations were halted earlier this year after TCMB, Turkey’s central bank, banned the use of cryptocurrencies for payments. Following the ban, Turkish authorities also updated crypto regulations in May, introducing more stringent requirements for local crypto trading service providers.

News of Coinzo’s decision to shut down comes after President Recep Tayyip Erdoğan said in September that Turkey was “at war” with cryptocurrency, despite earlier reports that the Turkish government had prepared a bill to regulate the country’s crypto space, which is expected to enter parliament. this month of October. In July, the Deputy Minister of Treasury and Finance, Şakir Ercan Gül, declared that “those who prohibit [cryptocurrencies] are generally countries with democracy problems. His comments suggest that Turkey will follow in the West’s footsteps in terms of the industry’s regulatory approach.

Do you think other Turkish crypto exchanges will go bankrupt in the near future? Share your expectations in the comments section below.

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