The well-known exchange Coinbase recently announced its exit from the Turkish market, deciding to liquidate its local operations after just three months of operation.
Coinbase withdraws from the Turkish market and liquidates operations after three months.
According to the Capital Markets Board of Turkey's liquidation list, Coinbase has withdrawn its earlier market entry application submitted this year and is applying to liquidate its business in Turkey. Coinbase's operations in Turkey only lasted three months before ending, which can be considered quite rapid.
According to reports, Coinbase stated in their exit announcement that the company will continue to assess potential market development opportunities and emphasized that adjustments will be made based on 'market conditions, regulatory changes, and internal priorities.'
The liquidation list shows that Coinbase has withdrawn its market application, and multiple cryptocurrency exchanges have failed to make inroads in Turkey.
Not just Coinbase, but current crypto operators in Turkey are also facing operational challenges. The official list shows that 14 companies have already applied for liquidation, preparing to end local operations and exit the market. On the other hand, 77 companies are in the market entry review process, including several well-known cryptocurrency exchanges such as Binance, KuCoin, OKX, and Bitfinex.
Interestingly, Binance and KuCoin had already removed the Turkish language option from their websites and applications as early as September this year, and stopped marketing activities towards Turkish users. Binance explained at that time that such adjustments were made to comply with Turkish laws regarding non-local crypto service providers.
Coinbase's European market is also affected by policy, halting USDC yield services.
Coinbase is not only retreating from the Turkish market, but has also made significant adjustments in the European market. Starting in December, Coinbase ceased to provide USDC yield services for European users due to stricter regulatory requirements for stablecoins set by the EU's Markets in Crypto-Assets Regulation (MiCA).
Coinbase announces it will stop providing USDC yield services for European users in December.
This move not only upset many European users but also sparked online criticism of EU regulations. Sablier's CEO sarcastically said, 'Thank you, EU, for protecting me and preventing me from earning USDC yield on Coinbase.' This statement resonated with many users, leading them to express their dissatisfaction in the comments.
Sablier's CEO sarcastically comments on Coinbase on Twitter.
(MiCA is brewing! What are the implications of Coinbase delisting non-compliant stablecoins in the EU and halting USDT?)
This article discusses Coinbase's exit from the Turkish crypto market, halting USDC yield services for European users due to the impact of MiCA, first appearing in Chain News ABMedia.