Coinbase Withdraws Application for Entry into Turkish Crypto Market

Coinbase has decided to retract its application to enter the Turkish cryptocurrency market, according to official documents from the Turkish Capital Markets Board (CMB).

This move follows a trend of numerous companies, including major crypto exchanges, submitting applications to operate in Turkey, with over 90 applications filed over the past year.

The documents reveal that Coinbase has requested the liquidation of its pre-application, though the reasons behind this decision remain unclear. The company has not provided a public explanation, and inquiries to Coinbase for further comment have only yielded a general statement about the company’s ongoing market evaluations.

Coinbase had initially applied to the Turkish market in August, joining other significant players like KuCoin and Gate.io. However, by the end of November, at least 14 applicants, including Coinbase and Bitget, had decided to withdraw their applications.

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Despite these withdrawals, Turkey continues to be a significant player in the global crypto market, ranking as the fourth-largest market by trading volume and placing 11th on the 2024 Global Crypto Adoption Index, according to data from Chainalysis.

Kosta Gushterov