Turkish Crypto Exchange Coinzo Closes Its Operations

After the initiation of war on crypto by the Recep-Tayyib-Erdoğan (the Turkish president), Coinzo (considered amongst the largest exchanges across Turkey as per the trade volume) will shortly shut down the crypto operations thereof. The exchange is following in the footsteps of Vebitcoin and Thodex, so it declared the shutdown thereof to take place on October 11th; however, it did not provide any reason for such a decision. The consumers will be permitted to have access to the official website of Coinzo till the coming six months for withdrawal of cryptocurrencies and Turkish Lira. The bank accounts which have been registered with the same name as those created on the website of Coinzo, to transfer the funds, are necessary to withdraw money in Turkish Lira.

Crypto and clarity

Unfortunately, another of the crypto exchanges existing in Turkey has been compelled to put a closure on its respective activities during the seemingly unclear regulations set by the authorities of the country for the cryptocurrencies, along with the other difficulties. During this year’s April, a ban was announced by Turkey’s central bank over the payments in cryptocurrency.

It has been suggested by the finance and treasury’s deputy minister in July that the cryptocurrency is being banned by those countries that are surrounded by democracy problems. He implied that the country would not be in favor of being labeled under that category by straightforwardly banning cryptocurrency. After that, in recent September, the president of Turkey announced that the country is countering cryptocurrency as an opponent, despite a law that is under consideration to target the regulation of virtual assets.

Clients’ assets are safe, as per Coinzo

Crypto adoption has spiked across Turkey because of the common vagueness in the local financial sector and the decrease in the worth of the native currency Turkish lira. Earlier this year, two of the other crypto exchanges Vebitcoin and Thodex, were closed. In the case of Thodex, numerous customers submitted complaints opposing the exchange after it was turned offline, and there was no way to withdraw the funds. The owner of the exchange exited the country with reportedly having an amount of more than $2 billion in digital assets. Up to sixty-two people got arrested for being identified as having linkage with the respective scam. The reason behind the shutdown of Vebitcoin was told to be the financial strain, and the officials reported four people being arrested.

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