Cryptocurrency exchange Coinbase has withdrawn its pre-application for entry into the Turkish crypto market, according to documents released by the Turkish Capital Markets Board (CMB). This news has drawn attention to developments in one of the largest crypto markets in the world.
Coinbase's Application Withdrawal
According to the CMB documents, which were shared via local news outlets and on social media, Coinbase has officially withdrawn its pre-application to conduct business operations in Turkey and requested a liquidation. As of publication, the exact reasons for this move remain unclear, as the crypto exchange hasn't released a public statement on the matter.
History of Entry into Turkish Market
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as of the end of November, at least 14 of the applicants awaiting final decisions, including Coinbase and Bitget, have withdrawn their submissions.
Turkish Crypto Market Today
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.
Coinbase's withdrawal of its application to enter the Turkish market raises questions about the company's future strategies and highlights the importance of adapting to different market conditions. Turkey remains a significant player on the global crypto scene, and developments in this region will be closely monitored.
