cryptojournalist
Withdrawal Confirmed
Coinbase has decided not to move forward with its plans to operate in Turkey, as confirmed by documents from Turkey’s Capital Markets Board (CMB). This decision comes shortly after the company’s application in August.
Heavy Competition in Turkey
Turkey’s cryptocurrency market has drawn significant interest from global companies, with more than 90 applications submitted in the past year. While Coinbase initially joined this wave, it, along with 13 other firms, including Bitget, has withdrawn its application by the end of November.
Silence on the Decision
Coinbase hasn’t shared why it decided to withdraw but emphasized its commitment to monitoring global opportunities. According to a company spokesperson, its strategy evolves with regulatory and market shifts, aligning with internal objectives.
Turkey’s Crypto Landscape
Despite these exits, Turkey remains a crucial market in the crypto space. It ranks fourth in total trading volume globally and holds 11th place on the 2024 Global Crypto Adoption Index, a ranking of countries embracing cryptocurrency use.
