Coinbase withdraws pre-application to enter Turkish market

Cryptocurrency exchange Coinbase has quietly withdrawn its offer to enter the Turkish market, joining other trading platforms that have withdrawn.

According to Turkey Today’s first report, based on the CMB’s updated list of companies that requested liquidation as of November 29, US-based crypto exchange Coinbase has submitted its preliminary application to enter Turkey, just four months after applying for the Turkish Capital Markets Board’s list. withdrew.

As of press time, it is not yet clear why Coinbase withdrew its offer to enter the market, just four months after applying through Coinbase Turkey Yazılım Teknolojileri AŞ. A Coinbase spokesperson did not provide detailed information about this move in his comment to Protos; Instead, he said the exchange “continues to adapt to evolving market conditions, regulatory environments and our internal priorities.”

Coinbase is not the only exchange rethinking its entry into the Turkish market. Other crypto platforms also showed hesitation. According to the CMB’s list, Bitget requested the liquidation of its establishment in Turkey, as well as companies such as Bengaluru-based Mudrix and Turkish stock exchange Koinim.

Cryptocurrency exchanges in different countries and regions have either registered, received approval or exited the market. For example, exchanges have had to delist certain products to comply with regulations such as the European Union’s MiCA legislation.

Data obtained from blockchain forensics firm Chainalytic reveals that Turkey is the largest crypto market in the Middle East and North Africa region and seventh globally, with a total transaction value of $136.8 billion carried out between July 2023 and June of this year. putting it.