Coinbase Abandons Plans to Enter Turkey’s Market

Coinbase has announced its decision to withdraw from Turkey’s cryptocurrency market and is currently in the process of liquidating its local operations. This decision was made after the company withdrew its application with the country’s financial regulator, which was submitted just three months ago.

According to reports, Coinbase’s withdrawal and liquidation were documented on the Capital Markets Board’s recent liquidation list. Along with Coinbase, 14 other companies have also applied for liquidation while 77 are still in the application process.

Notably, major crypto platforms such as Binance, KuCoin, and OKX are among the 77 firms still seeking approval. In September, reports surfaced that Binance and KuCoin had removed Turkish language options from their platforms and stopped marketing to Turkish users, citing compliance with local regulations.

Meanwhile, Yapı Kredi Bankası’s (YKB) application for custody services has been included in the CMB’s list of Crypto Asset Custodians. Interestingly, Bloomberg analyst Sevcan Ersözlü pointed out that Coinbase, known for its ETF custody services in the US, has abandoned its plans to enter the Turkish market.