Turkish Crypto Exchange Coinzo Shuts Down

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

Coinzo Shuts Down Amid Ankara’s ‘War’ on Cryptocurrency

Leading Turkish crypto exchange Coinzo announced 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.”

Within a week, users will receive credit in Turkish Lira to their cryptocurrency accounts for holdings below the maximum withdrawal limit.

The exchange announced that it had suspended trading pairs of Turkish lira and its Coinzo token (CNZ), so that holders aren’t affected by price fluctuations after the announcement. Balances in CNZ will be converted at the final transaction rate of 1.516 lira/coin and transferred within seven days.

You can withdraw Turkish lira to any bank account that matches your name and surname from a verified Coinzo Account. The platform does not charge any fiat withdrawal fees and the withdrawal limit is set at 0.1 lira. The platform also provides detailed instructions on how you can withdraw crypto assets from another wallet.

According to Diken, Coinzo is operated by a company in Izmir and is one of five largest Turkish exchanges. According to the publication, Coinzo registered close to 500 million lire (more than $55 million) daily in trading volumes.

Coinzo’s demise follows that of other Turkish cryptocurrency exchanges, such as Thodex and Vebitcoin. Turkish authorities revised crypto regulations in May to make it more stringent for local cryptocurrency trading services providers.

President Recep Tayyip Erdogan declared that Turkey is “at war” with cryptocurrency. There were reports earlier that the Turkish government had created a law to regulate Turkey’s crypto space. The draft law will be introduced to parliament in October. Sakir Ercan (deputy minister of Treasury and Finance) stated that countries that ban cryptocurrency often have democratic problems. According to Ercan’s comments, Turkey is likely to follow the West in its regulation of the sector.