Cryptocurrency News

Major Cryptocurrency Exchange in Turkey Shuts Down

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Coinzo.com is one of the largest local cryptocurrency exchanges in Turkey. The users of the applications recently received a notification from the management that it is going to seize operations soon. As per media reports, the developers of the application have made it official that the folding of their operations has already begun. The users are advised to withdraw their funds from the application at their earliest convenience.

Thus far, the operators of the applications have not shared any reason for taking the step. However, it is a sigh of relief for many crypto investors in Turkey that they are still able to access their funds. There have been cases in the past where the investors in Turkey had to suffer from major losses as the owners of the cryptocurrency exchanges like Thodex and Vebitcoin managed to run away with the investors’ holdings.

The Country is at War with Crypto Epidemic

The rise of cryptocurrency adoption is something that the people of Turkey are not impervious of. However, the Turkish government does not seem to be on the same page as the common man. Last month, Turkish president Tayyib Erdogan told the media that the government is at war with the cryptocurrency epidemic that is affecting the national interest.

According to experts, the unfriendly policies of the government have led to the exchanges to fold their businesses. To add fire to the fuel, TCMB, the central bank of Turkey, has also introduced stringent crypto policies in the region. After the incident of Thodex and Vebitcoin closure, the government claimed that it is working on chartering better cryptocurrency regulations. However, TCM has banned the use of digital assets as payment until further notice.

The management of Coinzo.com has assured the investors that they will be able to withdraw their funds in the lira, the official currency of Turkey. The people who have less than the minimum withdrawal limit in their accounts are also allowed to take out their funds. The Coinzo management has ensured the people that for this process, the support team is going to continue supporting them.

Furthermore, the users will not have to submit the regular transaction charges of 0.1 lira per coin as per the original terms of services. The exchange has also suspended the use of its native token called CNZ that was pegged to Turkish lira with immediate effect. Users have the option to send their funds to another digital wallet or deposit it into the bank account with the same username and credentials as their Coinzo accounts.

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