Coinbase has withdrawn its pre-application to enter the Turkish cryptocurrency market just three months after initially submitting it. This move, confirmed by the Turkish Capital Markets Board (CMB) through recently released documents, comes amid an influx of over 90 companies applying for entry into Turkey’s crypto space over the past year.
The documents, shared by local media and on social platforms, indicate that Coinbase not only pulled its application but also requested the liquidation of its request to operate in Turkey. The specific reasons behind this decision remain unclear, and at the time of writing, Coinbase has not issued a public statement on the matter.
In response to an inquiry from Cointelegraph, a Coinbase spokesperson explained that the company constantly evaluates potential markets for expansion in line with its goal of providing safe and accessible cryptocurrency services globally. They emphasized that Coinbase’s strategy is flexible, adapting to market conditions, regulatory changes, and internal priorities to align with both external trends and the company’s mission.
Coinbase, which initially applied in August, was one of several major crypto and blockchain firms seeking entry into the Turkish market, joining the likes of KuCoin and Gate.io. However, by late November, at least 14 applicants, including Coinbase and Bitget, had withdrawn their applications.
Despite these withdrawals, Turkey remains a significant player in the global cryptocurrency scene, ranking fourth worldwide for total trading volume and 11th on the 2024 Global Crypto Adoption Index, which measures key adoption drivers, according to industry analysis by Chainalysis.
