Cryptocurrency exchange Coinbase has withdrawn its pre-application to enter the Turkish cryptocurrency market, with specific reasons unknown.
Turkey's financial regulatory authority recently updated the list of companies applying for liquidation, confirming that Coinbase has withdrawn its application. Earlier this year, Coinbase joined the competition to operate in the Turkish cryptocurrency market.
QNB Digital Assets, a branch of Turkey's QNB Bank, has also withdrawn its application alongside Coinbase, joining Finceptor, Koinim, Stanfex, and XYZ Technology.
Meanwhile, Bitfinex, Bitbns, Bitlo, OKX, and Rain Software are still seeking opportunities in Turkey by providing custody services through their applications. The latest changes have increased the number of companies applying for liquidation in Turkey to 14, while 77 applicants remain under review.
It is worth mentioning that in October, Binance announced it would terminate its retail referral program in Turkey to comply with local regulations. Turkey has tightened cryptocurrency regulation this year. Earlier this year, the government introduced comprehensive legislation to strengthen oversight of digital asset exchanges. (Cryptonews)