Coinbase Exits Turkey
Turkey’s financial regulator announced that Coinbase had withdrawn its pre-application to join the Turkish cryptocurrency market, listing the company as one of those seeking liquidation.
Coinbase applied to join the Turkish market in August. KuCoin and Gate. io were among the other notable blockchain and cryptocurrency companies that joined the rush. Turkey is home to one of the biggest cryptocurrency markets in the world.
The American company said ‘Coinbase’s dedication to offering secure, dependable, and easily accessible cryptocurrency services across the globe includes a constant evaluation of prospective markets for growth. We make sure that our efforts are in line with external developments and Coin base’s overarching mission by keeping our strategy flexible in response to changing market conditions, regulatory environments, and internal priorities. “
Turkey is in fourth place worldwide in terms of overall trading volume. Additionally, it is ranked 11th on the “2024 Global Crypto Adoption Index,” an aggregate score that measures important adoption drivers, according to industry analytics firm Chainalysis.
The American-listed crypto exchange indicated an interest in Turkey’s growing cryptocurrency market. The company has not provided a statement regarding the reason for its withdrawal, which is still unknown.
Coinbase also said it would stop offering USDC rewards in the European Economic Area (EEA) on December 1st, citing compliance with the MiCA regulation Companies like Bitfinex, Bitbns, Bitlo, OKX, and Rain Software are still looking for licenses to provide custody services in Turkey.
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