Leading 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.
The news of Coinzo’s decision to close down comes after President Recep Tayyip Erdoğanof Turkey where the exchange is headquartered 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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