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Coinbase, one of the world’s leading cryptocurrency exchanges, has decided to withdraw from the Turkish crypto market and begin winding down its local operations. This step comes just three months after the company withdrew its application to Turkey’s financial regulator. This development suggests that Coinbase wants to avoid the difficulties it has experienced with local regulations.
Why Did Coinbase Withdraw from the Turkish Market?
According to local reports, the Capital Markets Board of Turkey (SPK) updated its liquidation list last week. The list reveals that Coinbase has withdrawn its application and is entering the liquidation process. In addition to Coinbase, 14 other companies have filed similar liquidation applications. 77 companies are still in the application process. Platforms such as Binance, KuCoin, and OKX are other notable names in this process. Binance and KuCoin ended their marketing activities for Turkish users by removing the Turkish language option last September. The cryptocurrency exchange stated that these decisions were made in order to comply with regulations in Turkey. Bloomberg analyst Sevcan Ersözlü commented on the matter as follows: