Originally published on: December 02, 2024
In a surprising move, popular cryptocurrency exchange Coinbase has decided to pull out of its plans to enter the Turkish crypto market. Documents released by the Turkish Capital Markets Board (CMB) confirmed the withdrawal of Coinbase’s pre-application.
Reportedly, over 90 companies had submitted applications to enter Turkey’s cryptocurrency market in the past year, showcasing the growing interest in this space. However, Coinbase’s decision to withdraw its application and request liquidation has raised eyebrows in the industry.
The exact reasons behind Coinbase’s sudden change of plans remain unclear, as the company has not made any public statements regarding the matter. Despite reaching out for comment, no official response has been provided by Coinbase so far.
This move comes at a time when several other major crypto and blockchain companies, including KuCoin and Gate.io, have also shown interest in entering the Turkish market. However, recent data reveals that at least 14 companies, including Coinbase and Bitget, have withdrawn their applications by the end of November.
Even with these withdrawals, Turkey continues to be a significant player in the global cryptocurrency market, ranking fourth in total trading volume worldwide. According to industry analytics firm Chainalysis, Turkey is placed on the 11th spot in the “2024 Global Crypto Adoption Index,” highlighting the country’s potential for crypto adoption and growth.
While Coinbase’s decision may have surprised many, the evolving landscape of the cryptocurrency market suggests that changes and adjustments are inevitable. Stay tuned for more updates on the latest developments shaping the industry.
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