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Friday, October 7, 2022

Turkey and Crackdown on the Cryptocurrency Market

China and India might be popular for their crackdowns on the crypto markets but they aren’t the only one. Turkey has come into the same category and imposed strict restrictions on the crypto market.

Shutdown of Exchanges

Coinzo is a popular trading exchange in Turkey and boasts huge trading volume. They are shutting down their services for digital asset trading services (crypto). Coinzo said that the platform and the website will be online for the next six months so that people can withdraw their money into other wallets or into Fiat.


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On their website the company published “We have decided to terminate our digital asset service provider (cryptocurrency platform) service.”

The company said that for the next six months all the features would be available except the sale and purchase of the asset and people can withdraw their assets. The platform said that they have already cancelled the Lira and CNZ pair so that the asset is not affected by the price change.

According to a report published by Diken, Coinzo was one of the biggest exchange platform of the country and had around $55M daily trading volume.

In the past two other really used exchange platforms Thodex and Vebitcoin had shut down their operations. Both of these shut down after The Central Bank of Turkey prohibited the use of crypto for payment. Furthermore, strict regulations were imposed on the local crypto traders and providers.

Remarks

The news of the platform shutting down came after the President of Turkey said that they are at war with the cryptocurrency. Even though the government was working to create a legal draft bill for the regulation.

In any case, it seems that Turkey is proving to be a hard nut to crack after India and China and would require a lot more convincing. Shutting down exchanges is definitely not a good thing for the market.

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