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Following Turkish president Recep Tayyip Erdoğan’s declaration of “war” against crypto, one of the biggest exchanges in Turkey, Coinzo will soon be closing its doors.

Coinzo, one of the largest crypto exchanges in Turkey by daily trading volume, follows Thodex and Vebitcoin, announcing its shutdown on Monday, 11 Oct 2021. There was no reason provided. Users will be allowed to log in on Coinzo’s website for the next six months to withdraw Turkish Lira and cryptocurrencies. Withdrawals in Turkish Lira can only be made to a bank account with the name as the Coinzo account from which it is being transferred.

To regulate or not to regulate

It is unfortunate that yet another exchange in Turkey has had to close its doors, amidst what appears to be a lack of clarity in how the government views cryptocurrency and its associated regulatory challenges. In April this year, the central bank announced a ban on cryptocurrency payments. In July, the deputy minister of treasury and finance, suggested that countries that ban cryptocurrencies are those with democracy problems, implying that Turkey would not want to have that label by banning cryptocurrency completely. Then, in Sep 2021, the president of Turkey, Recep Tayyip Erdoğan, announced that Turkey is “at war” with cryptocurrency, even though a draft law was in the works to regulate cryptocurrency.

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