Coinbase Exits Turkey’s Crypto Market Amid Regulatory Shifts
Coinbase has decided to exit Türkiye’s cryptocurrency market and is liquidating its local operations after withdrawing an application to the country’s financial regulator.
Reports indicate that the move comes three months after the company submitted a pre-application to operate in Türkiye.
Coinbase hopes to avoid regulatory challenges in Türkiye’s cryptocurrency market
According to local Report In Türkiye, the Capital Markets Commission updated its liquidation list last week. this list Shows Coinbase’s exit and subsequent filing for liquidation.
beside Coin Library14 companies have applied for liquidation and 77 companies are still in the application process. Cryptocurrency platforms such as Binance, KuCoinOKX are included in the ongoing application.
Binance and KuCoin have previously removed Turkish language options from their platforms and stopped marketing to Turkish users in September. Binance point out These actions were taken to comply with Türkiye’s regulations on foreign encryption service providers.
“Yapı Kredi Bankası (YKB) custody application has been added to the CMB’s list of crypto asset custodians. However, there is another interesting development: Coinbase, the giant that took over ETF custody in the United States, has abandoned plans to enter Turkey,” Bloomberg analysis Division Sevcan Ersözlü Wrote on X (formerly Twitter).
In December, Coinbase stopped offering USDC yield products to European users. The exchange attributed this decision to EU Crypto Asset Market (MiCA) Stablecoin Regulation.
Additionally, Coinbase announced plans to Stop trading WBTC Following an internal compliance review, it will be completed by December 19, 2024.
although Coinbase’s cbBTC tokenWith a market capitalization of $1.44 billion and a success in the field of decentralized finance, the WBTC team expressed disappointment at the delisting and users criticized the exchange’s competitive strategy.
U.S. regulations are increasing
Despite changes in international markets, Coinbase remains actively involved in influencing U.S. cryptocurrency policy. CEO of the exchange, Brian Armstrongaccording to reports Potential cryptocurrency support staff appointments discussed With former President Donald Trump.
He proposed that SEC Commissioner Hester Peirce serve as Gary Gensler’s The replacement signals a push for more cryptocurrency-friendly leadership at the SEC. Gensler Announce resignation In early November, his term will end in January before Trump takes office.
at the same time, Coinbase global application ranking November’s surge to ninth place coincided with a rise in Bitcoin prices. The growth in app downloads reflects growing retail interest in cryptocurrencies, which could drive higher trading volumes and support broader market adoption.
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