Leading Turkish cryptocurrency exchange Coinzo shuts down operations

Turkey’s cryptocurrency exchange Coinzo on Monday announced it was halting operations without citing a reason for the move.

The İzmir-based company is among Turkey’s five leading exchanges with close to 500 million liras ($55 million) in daily volumes, according to Diken news site.

The collapse of Coinzo follows other Turkish crypto currencies including Thodex and Vebitcoin earlier this year over deteriorating financial conditions.

Coinzo said access to the site would remain open for another six months, during which time users could withdraw their cryptocurrency and Turkish lira balances.

In April, Turkey’s central bank announced legislation banning the use of cryptocurrencies as payments for goods and services over possible “irrevocable” damage and significant transaction risks.

The move was the first of its kind in the country’s previously entirely unregulated crypto market.

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