Coinbase, one of the world’s largest cryptocurrency exchanges, has formally canceled plans to enter Turkey. Documents released by the Turkish Capital Markets Board (CMB) confirm that the company has withdrawn its pre-application and requested a liquidation of its proposed operations in the country.
This judgment comes just three months after Coinbase requested a regulatory license to enter Turkey’s booming bitcoin sector, joining over 90 other companies that had applied in the previous year. While the company has yet to provide a detailed explanation for its withdrawal, it remains a significant move given Turkey’s status as one of the largest cryptocurrency markets globally.
A Coinbase spokesperson noted that the company evaluates potential markets carefully, balancing regulatory landscapes, market conditions, and internal priorities. The withdrawal reflects a reassessment of its strategy rather than a complete pivot away from international expansion.
Turkey ranks fourth in worldwide bitcoin trading volume and is a major player in the adoption of digital assets. Despite its robust market, regulatory complexities have challenged crypto firms looking to operate there. Coinbase’s withdrawal follows similar actions by other companies, such as Binance and KuCoin, which have adjusted their Turkish operations to comply with evolving regulations.
While 77 organizations remain in the application process, Coinbase’s decision highlights the difficulties of negotiating Turkey’s regulatory system. The move also highlights the company’s ongoing efforts to focus on markets aligned with its long-term goals, even as it continues to advocate for crypto-friendly regulations in other regions.
For now, Turkey’s crypto market remains a competitive landscape, with local and international players vying to meet the growing demand for digital asset services. Coinbase’s departure leaves room for other entrants to seize the opportunity, but the challenges of regulatory compliance will remain a defining factor.
