Coinzo, a crypto firm hailing from and within Turkey, has decided to shut down its crypto trade services because of the local ban on cryptocurrency payments. The shutting down has been fully enforced however for the convenience of its customers, the firm has decided to leave its website functioning for six months so that the customers can withdraw their funds.
There were a total of five leading crypto firms in Turkey and Coinzo was amongst one of them. Coinzo was a produce which came into being with the crypto boom in 2019. Coinzo’s journey was though a very short one but it was no less than a rollercoaster ride. In less than one and a half year time, Coinzo became one of the top crypto trading platforms in Turkey. It successfully garnered thousands of customers across Turkey as well as internationally.
On 11th October, 2021, the firm announced wrapping of its crypto trade and associated services in the country. It said that the company’s board and the management have collectively decided to shut down operations. For the purposes of informing its customers about the shutting down, Coinzo sent voice calls and email notifications to its customers. The customers were told that they should, at their convenience, withdraw their funds lying with the company’s account. The notification just advised the customers to withdraw funds only and did not speak of the reason why.
Thereafter, an official public notice was published on the official webpage of Coinzo. This notice suggested that due to unavoidable circumstances, the firm will no longer be able to continue business. Resultantly, it will have to terminate all of its crypto trading and associated services immediately. However, at the end of the notice, Coinzo told public that it has decided to keep its webpage accessible for a further six months. It said that within these 6 months, the customers will have enough time to withdraw their funds. They can even utilize all the features that are available on the website except for crypto trading.
The closed firm also told that their support team will remain accessible to each and every customer for 6 months at least. They will provide all the support which the customers were availing when the firm was active.
Though the firm has not disclosed the reason of its business closure but the reason is quite obvious. The central bank of Turkey had earlier imposed a ban in which it restricted the use of crypto as payment. Thereafter in May, crypto policy was provided containing provisions which the crypto trading platforms in Turkey could not comply. It was a systematic attack by the Turkish Government on cryptocurrencies and resultantly all the major firms decided to shut down their operations.