Outside Source
The reversal comes just three months after the US-based crypto exchange submitted its pre-application to the Turkish government.
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Cryptocurrency exchange Coinbase has withdrawn its pre-application for entry into the Turkish crypto market, according to documents released by the Turkish Capital Markets Board (CMB).
Coinbase had previously joined several prominent enterprises seeking entry into Turkey’s cryptocurrency market with more than 90 companies submitting applications in the past year.
Documentation indicating Coinbase’s withdrawal and request for liquidation. Source: Ahmet Karaca
According to the CMB documents, which were reportedly shared via local news outlets and on social media, Coinbase has officially withdrawn its pre-application to conduct business operations in Turkey and requested a liquidation.
It remains unclear exactly why the company has chosen to withdraw its application. At the time of publication, the crypto exchange hasn’t released a public statement regarding the matter.
Cointelegraph reached out to Coinbase for comment and received the following response from a company spokesperson:
“Coinbase continually assesses potential markets for expansion as part of our commitment to providing safe, reliable, and accessible cryptocurrency services worldwide. Our strategy remains adaptive to evolving market conditions, regulatory landscapes, and our internal priorities, ensuring we align our efforts with both external developments and Coinbase’s overarching mission.”
Coinbase in Turkey
As Cointelegraph recently reported, Coinbase applied for entry into the Turkish market in August. Other noteworthy crypto and blockchain companies joined the rush, including KuCoin and Gate.io.
However, as of the end of November, at least 14 of the applicants awaiting final decisions, including Coinbase and Bitget, have withdrawn their submissions.
Related: Crypto founders share debanking stories during ‘Operation Chokepoint 2.0’
Despite the withdrawals, Turkey remains one of the largest cryptocurrency markets globally. It ranks fourth globally for total trading volume. And, per industry analytics firm Chainalysis, it ranks number 11 on the “2024 Global Crypto Adoption Index,” an aggregate score measuring key factors driving adoption.
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This article first appeared at Cointelegraph.com News
