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- Coinzo, a leading crypto exchange, mentioned on Monday that it is going to cease all trading operations
- All functions except for purchase and sale will be available. Throughout this pre-shit-down process the support team will be operating full fledgedly, and will provide all the answers to the customer concerns
- According to reports by the Turkish news portal, CNZ, which was run by a business located in Izmir, is one of the five largest exchanges that exist in Turkey
Coinzo, a leading crypto exchange, mentioned on Monday that it is going to cease all trading operations. Customers were asked as well as instructed to withdraw their funds in Turkish Lira and crypto. No specific reason was given for the quitting decision that was taken by the market of cryptocurrency.
There was just a sudden notification that was displayed on their particular website, which said that they are closing all their digital assets services altogether. The exchange stated that its website, Coinzo.com will remain working for an extended span of six months so as to allow all its traders to do all the remaining or pending works like Turkish Lira; exchanges or withdrawals, and other stuff.
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All functions except for purchase and sale will be available. Throughout this pre-shit-down process the support team will be operating full fledgedly, and will provide all the answers to the customer concerns. They assured their users saying that all their assets are safe and secure.
Within a week following the announcement made, holdings that are less than the minimum withdrawal limit will be reimbursed to the customers accounts in the form of Turkish Lira. The exchange stated that it has previously halted the Turkish Lira’s trading pair, with Coinzo token. This was done in order to protect the holders of the token from price fluctuations, following the news of shutdown. The remaining balance in Coinzo, will be converted at the last rate of transaction which was at 1.516 Lira, for every coin.
According to reports by the Turkish news portal, CNZ, which was run by a business located in Izmir, is one of the five largest exchanges that exist in Turkey. As per the report, the crypto platforms daily trade volumes were close to 500 million, Turkish Lira.
CNZ’s demise follows the demise of other Turkish cryptocurrency exchanges, including Vebitcoin, and Thodex. The two companies ceased operations on trading, earlier this year, after Turkey’s CB banned the usage of cryptocurrency for payment. Following this particular suspension, Turkish authorities revised crypto rules in May, requiring local crypto trading service providers to meet tougher criteria.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
