Coinzo, one of Turkey’s largest cryptocurrency exchanges, is ending its digital asset Trading services. The platform said its website will stay online for the next six months to allow users to withdraw their holdings of cryptocurrency and Turkish fiat money.
Another Turkish crypto exchange closes in the middle of Ankara’s “war” on the cryptocurrency
The leading Turkish crypto exchange Coinzo announced on Monday that it would cease trading. The platform asked customers to withdraw their assets in Turkish lira and cryptocurrency without giving any specific reason for their decision to exit the market. In a notice posted on its website, the company stated:
We have decided to discontinue our service provider for digital assets (cryptocurrency platform).
The exchange emphasized that their website Coinzo.com will be open for another six months, during which traders can log into their accounts and withdraw Turkish lira and cryptocurrencies. All functions except the buy and sell options will be available.
“Our support team will continue to provide solutions to our users’ problems during this process,” added Coinzo. It also affirmed that “all our users’ Turkish lira and cryptocurrency values are safe”. Cryptocurrency holdings that are below the minimum withdrawal limit will be credited to user accounts in Turkish Lira within one week of the announcement.
The exchange announced that it had already suspended the Turkish Lira trading pair with its own Coinzo token (CNZ) so that its holders would not be affected by price changes after the closure was announced. CNZ credits are converted at the last transaction rate of 1.516 lira per coin and amounts are transferred within seven working days.
Withdrawals in Turkish Lira can be made to a bank account that matches the first and last name in a verified Coinzo account. The platform will not charge the usual fiat withdrawal fee and the minimum withdrawal limit has been set at 0.1 lira. It also includes 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 the five largest stock exchanges in Turkey, according to a report by the Turkish news portal Diken. The publication claims the crypto platform has registered a daily trading volume of nearly 500 million liras (over $ 55 million).
President of Turkey Recep Tayyip Erdogan
Coinzo’s collapse follows the collapse of other Turkish cryptocurrency exchanges such as Thodex and Vebitcoin. The two ceased operations earlier this year after TCMB, Turkey’s central bank, banned the use of cryptocurrencies for payments. After the ban, the Turkish authorities also updated crypto regulations in May and introduced stricter requirements for local crypto trading service providers.
News of Coinzo’s decision to shut down comes after President Recep Tayyip Erdoğan stated in September that Turkey was “at war” with cryptocurrency, despite previous reports that the Turkish government was drafting a law to regulate the country’s crypto space who is expected to enter parliament this October. In July, Deputy Finance and Finance Minister Şakir Ercan Gül was quoted as saying: [cryptocurrencies] are generally countries with democracy problems. ”His comments indicated that Turkey will follow in the footsteps of the West in terms of its regulatory approach to industry.
Do you think other Turkish crypto exchanges will go out of business in the near future? Do share your expectations in the comments section below.
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