Coinzo, one of the largest cryptocurrency exchanges in Turkey, has announced it will cease operations. The reasons for the decision were not disclosed, however, this is most likely due to the regulatory environment.
At the end of September, Turkish President Recep Erdogan announced that the country was at war with foreign cryptocurrencies. He noted that this is not about banning all cryptocurrencies, but only about “the fight for a place in the sun for the digital lira.” It seems that the case turned out to be more serious and cryptocurrency platforms are starting to leave the country.
According to
a statement, Coinzo will be available to users for another six months – during this time, clients of the exchange must withdraw funds from their accounts. They will be able to withdraw both cryptocurrencies and fiat currencies, but for the latter, the withdrawal will be available only to the bank account from which the transfers to the site have already been received.
How reported Chinese journalist Colin Wu, Turkish cryptocurrency platforms complain about difficulties in their work. So, local banks delay operations for depositing and withdrawing funds to cryptocurrency exchanges, and sometimes they can even block the accounts of firms. At the same time, foreign exchanges continue to launch advertising campaigns in Turkey without hindrance.
Recall that in mid-September, the Central Bank of Turkey began developing a platform for testing and subsequent implementation of the digital Turkish lira into the existing payment infrastructure.
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