The well-known exchange Coinbase recently announced its exit from the Turkish market, deciding to liquidate its local operations just three months after launching.
Coinbase withdrew from the Turkish market three months later, liquidating its business.
According to the liquidation list from the Capital Markets Board of Turkey, Coinbase has withdrawn its market access application submitted earlier this year and has applied to liquidate its operations in Turkey. Coinbase's operations in Turkey lasted only three months, which can be considered quite swift.
According to reports, Coinbase stated in its exit announcement that the company will continue to evaluate potential market development opportunities and emphasized 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The liquidation list shows that Coinbase has withdrawn its market application, and several cryptocurrency exchanges have failed to establish themselves in Turkey.
Not just Coinbase, but currently, cryptocurrency operators in Turkey are also facing operational challenges. The official list shows that 14 companies have applied for liquidation, preparing to end local operations and exit the market. On the other hand, there are still 77 companies undergoing the market access 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 in September this year, and stopped marketing to Turkish users. Binance explained that such adjustments were made to comply with Turkish regulations regarding non-local cryptocurrency service providers.
The European market for Coinbase is also affected by policies, halting USDC yield services.
Coinbase is not only retreating from the Turkish market but also making significant adjustments in the European market. Starting in December, Coinbase ceased to provide USDC yield services for European users due to the EU's (Markets in Crypto-Assets Regulation) (MiCA) imposing stricter regulatory requirements on stablecoins.
Coinbase announced it will stop providing USDC yield services for European users in December.
This move not only sparked dissatisfaction among many European users but also led to netizens criticizing EU regulations. Sablier's CEO sarcastically said, "Thank you, EU, for protecting me, preventing me from earning USDC yield on Coinbase." This statement resonated with many users, who left comments expressing their discontent.
Sablier's CEO sarcastically comments on Coinbase on Twitter.
(MiCA is brewing! Coinbase delists non-compliant EU stablecoins; what is the impact of stopping USDT?)
This article discusses Coinbase's exit from the Turkish cryptocurrency market, the suspension of USDC yield services for European users due to MiCA, first appeared on Chain News ABMedia.