Major Turkish Crypto Exchange Coinzo Shuts Down

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Leading Turkish crypto exchange Coinzo announced on Monday it’s ending trading operations. The platform called on customers to withdraw their assets in Turkish lira and cryptocurrency without providing any particular reason for its decision to exit the market. In a notice published on its website, the company stated:

　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 accessible 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 except the purchase and sell options.

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

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News of Coinzo's decision to shut down came after President Recep Tayyip Erdogan said in September that Turkey was "at war" with cryptocurrency, despite earlier reports that the Turkish government had drafted a bill to regulate the country's crypto space that, is expected to enter parliament. in October this year. It is quite possible that things will come to a complete ban on cryptocurrencies, as has already been done in the PRC, however, there is a possibility that the authorities still will not do this. It is good that there are other countries, in particular El Salvador, where Bitcoin is accepted in as a means of payment, and the list of such states will be replenished soon.