Coinbase has changed its mind about entering the Turkish market

Coinbase informed Turkish authorities that it is withdrawing its preliminary application for permission to offer services to citizens of the country. This was reported by the portal Turkiyetoday.

The Turkish Capital Markets Board updated its list of companies waiting for approval to operate. The updated list does not include the American platform Coinbase, which submitted a preliminary application for registration and licensing in August 2024.

Coinbase's decision comes in the context of a series of similar voluntary withdrawals from registration and operations in Turkey, submitted by QNB Digital Assets, Finceptor, Koinim, Stanfex, and XYZ Teknoloji. Previously, the Justice and Development Party in Turkey announced its intention to tighten oversight of transactions involving virtual assets and introduce new regulations for the cryptocurrency market.

Earlier, we reported that the cryptocurrency exchange Coinbase plans to suspend trading of wrapped bitcoin (wBTC) in December 2024.