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24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
Turkish crypto exchange Coinzo announces shutdown
One of the largest digital currency exchanges in Turkey announced its shutdown. Coinzo is an Izmir-based company with a daily transaction volume of around TRY 500 million ($ 55 million). The representatives of the company did not disclose the grounds for the decision to liquidate the exchange, but the experts associate it with the pressure on business from the government institutions.
Complaints about difficulties in carrying out financial transactions on cryptocurrency platforms are not new in Turkey. The media reports quite often describe cases when credit organizations delay financial transactions for depositing and withdrawing money on the exchange. It often happens that the company's accounts for a certain period of time can be blocked without explanation.
Experts note that the closure of Coinzo has taken place after other crypto exchanges (Thodex and Vebitcoin) announced their shutdown.
It is not known whether all major crypto exchanges will be banned or closed in Turkey. Coinzo representatives invited users to start withdrawing their assets within six months. The withdrawals will be applied to both crypto and fiat currencies.
Complaints about difficulties in carrying out financial transactions on cryptocurrency platforms are not new in Turkey. The media reports quite often describe cases when credit organizations delay financial transactions for depositing and withdrawing money on the exchange. It often happens that the company's accounts for a certain period of time can be blocked without explanation.
At the same time, crypto exchanges from other countries do not give up on their attempts to conquer the Turkish crypto market, offering their services and placing advertisements.
The Central Bank of Turkey also hit the development of the crypto market in the spring of 2021. The citizens of the country learned about a new legislative document introducing a ban on the use of cryptocurrencies in order to directly pay with it for purchased goods and services. Officially, this was explained by the high risks of transactions and the ‘irrecoverable’ damage. Prior to this, the crypto market in Turkey was not regulated.
Already in September 2021, the head of state, Recep Erdogan, publicly announced the war that the authorities were waging against the foreign cryptocurrencies. And although it is not planned to ban the circulation of the crypt, the authorities are concerned about the fate of the national currency, which they are going to digitize. The central bank has confirmed that it was developing an appropriate platform that should allow the digital lira to be introduced into the payments infrastructure.Experts note that the closure of Coinzo has taken place after other crypto exchanges (Thodex and Vebitcoin) announced their shutdown.
The closure of Thodex at the beginning of the year was accompanied by a scandal.
Clients were unable to withdraw their assets, while the head of the exchange left the country along with a $ 2 billion crypt. At the same time, the Vebitcoin exchange, which was accused of creation additional tension in the financial market by the officials, was closed down.It is not known whether all major crypto exchanges will be banned or closed in Turkey. Coinzo representatives invited users to start withdrawing their assets within six months. The withdrawals will be applied to both crypto and fiat currencies.
14.10.2021
