As a seasoned crypto investor with over a decade of experience navigating the ever-changing landscape of digital assets, I find myself both intrigued and slightly amused by Coinbase’s recent decision to withdraw its pre-application for entry into Turkey’s crypto market.
As a crypto investor, I’ve learned that Coinbase, a significant cryptocurrency exchange, has decided not to proceed with its initial application for entry into the Turkish crypto market. This information comes from documents disclosed by the Turkish Capital Markets Board (CMB), which suggests they might have encountered some obstacles or challenges during the application process.
Previously, Coinbase was among many well-known businesses that applied for entrance into Turkey’s cryptocurrency market last year, with over 90 applications submitted.
Based on reports from local news sources and social media, it appears that Coinbase has formally withdrawn its initial application for business activities in Turkey and has asked for liquidation instead.
It’s still not clear what prompted the company to pull back its submission. As of now, they haven’t issued a public explanation for this decision.
CryptoMoon reached out to Coinbase for comment and received the following response from a company spokesperson:
“Coinbase continually assesses potential markets for expansion as part of our commitment to providing safe, reliable, and accessible cryptocurrency services worldwide. Our strategy remains adaptive to evolving market conditions, regulatory landscapes, and our internal priorities, ensuring we align our efforts with both external developments and Coinbase’s overarching mission.”
Coinbase in Turkey
According to a recent report by CryptoMoon, Coinbase sought entry into Turkey’s market back in August. Additionally, other notable cryptocurrency and blockchain firms such as KuCoin and Gate.io have also expressed interest, making moves to join the fray.
By the end of November, at least 14 of the applicants who were still waiting for a decision, such as Coinbase and Bitget, had decided to withdraw their applications.
Despite experiencing withdrawals, Turkey maintains a significant position in the global cryptocurrency market. It holds the fourth spot worldwide in terms of total trading volume. Moreover, according to Chainalysis, a leading analytics firm in the industry, it stands at number 11 on their “2024 Global Crypto Adoption Index,” which evaluates factors that contribute to adoption by assigning an overall score.
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2024-12-02 20:29