One of the largest cryptocurrency exchanges in Turkey, Koenzo is closing it Digital resources Trading services. The platform said its website will be online in the next six months to allow users to withdraw their holdings in cryptocurrency and Turkish Fiat money.
Another Turkish crypto exchange shuts down in Ankara’s ‘war’ over cryptocurrency
Leading Turkish crypto exchange Coenzo announced on Monday that it was ending trading activities. The platform called on customers to withdraw their assets in Turkish lira and cryptocurrency without providing any specific reason for their decision to exit the market. In a statement posted on its website, the company said:
We have decided to discontinue our digital resource service provider (cryptocurrency platform) service.
The exchange insisted that its website, Coinzo.com, would remain accessible for another six months, during which time traders would be able to log in to their accounts and withdraw Turkish lira and cryptocurrency. All features are available except purchase and sale options.
“Our support team will continue to provide troubleshooting to our users during this process,” Coinzo added. It further assures that “all Turkish Lira and Crypto Money assets of our users are safe.” Cryptocurrency holdings that are below the minimum withdrawal limit will be credited to users’ accounts in Turkish Lira within one week of the announcement.
The exchange revealed that it has already suspended the Turkish Lira trading pair with its own Coinzo Token (CNZ) so that its holders are not affected by the price change after the announcement of the closure. The CNZ balance will be converted at the last transaction rate of 1.516 lira per coin and the amount transferred within seven working days.
Money can be withdrawn in Turkish Lira in a bank account that matches the name and title of a verified Coinzo account. The platform is not going to charge the usual Fiat Withdrawal Commission and the minimum withdrawal limit has been set at 0.1 Lira. It provides detailed instructions on how to withdraw crypto assets in another wallet.
Coinzo, operated by a company based in the city of Izmir, is one of the five largest exchanges in Turkey, according to a report in the Turkish news portal Deacon. The publication claims that the crypto platform is registering 500 million lira (more than 55 55 million) in daily trading volume.
The collapse of the coin followed other Turkish cryptocurrency exchanges, such as Thodex and Vebitcoin. The two activities came to a halt earlier this year after Turkey’s central bank, TCMB, banned the use of cryptocurrencies for payments. Following the ban, Turkish authorities also updated crypto regulations in May, introducing stricter requirements for local crypto trading service providers.
News of Coinzo’s decision to shut down came in September when President Recep Tayyip Erdogan said Turkey was “fighting” the cryptocurrency, despite earlier reports that the Turkish government had drafted a law to regulate the country’s crypto space, expected to enter parliament this October. In July, Deputy Treasury and Finance Minister Shakir Erkan Gul was quoted as saying that “those who are banned [cryptocurrencies] Democracy is usually a troubled country. His remarks suggested that Turkey would 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? Share your expectations in the comments section below.
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