The world’s leading cryptocurrency exchange Coinbase has decided to withdraw from the Turkish crypto market and has begun winding down its local operations. The move comes just three months after the company withdrew its application to Turkey’s financial regulator. This development suggests that Coinbase is looking to avoid difficulties from local regulations.
Why Did Coinbase Withdraw from the Turkish Market?
According to local reports, the Turkish Capital Markets Board updated its liquidation list last week. The list shows that Coinbase has withdrawn its application and has started the liquidation process. Aside from Coinbase, 14 other companies have filed for liquidation. At the same time, 77 companies are still in the application process.
Platforms such as Binance , KuCoin and OKX are also drawing attention in this process. Binance and KuCoin removed the Turkish language option from their platforms last September and stopped marketing activities aimed at Turkish users. The cryptocurrency exchange stated that this decision was taken to comply with regulations in Turkey for foreign crypto service providers. Bloomberg analyst Sevcan Ersözlü said the following on the subject:
Yapı Kredi Bank’s Crypto Asset Custody Application has been added to the CMB’s Custody List. However, Coinbase’s decision to abandon plans to enter Turkey is a notable development.
Changes to Coinbase’s International Strategy
Coinbase has ended USDC interest offerings for users in Europe. The company based this decision on the European Union’s Market in Crypto Assets (MiCA) regulation. Additionally, Coinbase announced that it will stop trading Wrapped Bitcoin (WBTC) as of December 19, 2024. The company stated that this decision was made after an internal compliance review.
In the process, Coinbase’s cbBTC token has achieved success in the decentralized finance space. However, the WBTC team expressed dissatisfaction with the delisting decision. Users criticized Coinbase’s competitive strategy. They also argued that the company’s actions were not market-friendly.
Giant Cryptocurrency Exchange Shapes Crypto Policies in the US
Coinbase is trying to shape crypto policy in the US despite the shifts in international markets. The company’s CEO Brian Armstrong has held talks with former US President Donald Trump about potential pro-crypto staff appointments. Armstrong gained attention for recommending Hester Peirce to replace SEC Chairman Gary Gensler. Gensler announced his resignation in November and his term ends in January.
Meanwhile, Coinbase’s global app ranking rose to ninth place in November. The increase, which coincided with the Bitcoin price rally, suggests that retail investors are increasingly interested in cryptocurrencies. This interest could boost trading volumes and support adoption across the market.
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