Coinbase, a leading US-based cryptocurrency exchange, has opted to withdraw its pre-application to operate in Turkey, according to a report by Turkiye Today.
The Capital Markets Board of Türkiye updated its list of companies requesting liquidation on 29 November 2024, revealing that Coinbase, which had filed its pre-application in August, decided to pull back and liquidate its pending application.
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More Firms Seek To Exit Turkey’s Crypto Market
The decision aligns with a wave of similar exits from Turkey’s crypto sector. QNB Digital Assets, the digital asset arm of Qatar National Bank, has also filed for liquidation, signaling an end to its operations in the country.
Other firms, including Finceptor, Koinim, Stanfex, and XYZ Teknoloji, have followed suit, seeking to exit the Turkish market.
In contrast, some financial institutions are making strides to establish a presence in Turkey’s cryptocurrency landscape. Yapi Kredi Bank recently submitted an application to the Capital Markets Board to operate as a cryptocurrency custodian.
It joins Takasbank and Eliptik Digital Custody Management, a subsidiary of BtcTurk, in vying for custody service licenses.
🇹🇷#Coinbase, Türkiye pazarında faaliyet göstermekten vazgeçti. pic.twitter.com/PlPSOzVCh5
— Coin Muhendisi Haber (@habermuhendisim) November 29, 2024
These developments point to a shifting dynamic in Turkey’s crypto market. As of the latest updates, 14 companies have requested liquidation, while 77 applicants are seeking regulatory approval to operate in the sector.
Turkey’s tightening of cryptocurrency regulations has created a challenging environment for companies. The government’s efforts to enhance oversight aim to protect investors from risks associated with digital asset trading.
Coinbase, known for its global expansion efforts, has not disclosed specific reasons for its withdrawal.
Analysts believe this regulatory push may have influenced the decisions of companies like Coinbase and QNB Digital Assets to reconsider their entry strategies.
Meanwhile, the entrance of established institutions like Yapi Kredi Bank into the crypto custody space points to growing institutional interest in Turkey’s digital asset market.
Turkey’s cryptocurrency market has seen rapid growth, with increasing trading volumes and heightened investor interest. However, challenges such as regulatory crackdowns and high-profile exchange failures have raised concerns about the market’s stability.
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Coinbase Launches Real-Time Account Funding With Visa Direct
As reported, Coinbase has tapped Visa to introduce real-time account funding for US and European customers, leveraging the company’s Visa Direct service.
Beyond instant funding, Coinbase customers can also use Visa debit cards for crypto purchases and withdrawals to their bank accounts.
The service complements Coinbase’s existing Visa debit card, launched in 2020. The launch enables users to spend crypto on everyday purchases or convert it to cash at ATMs.
In a related development, Brian Armstrong, CEO of Coinbase, is set to meet with President-elect Donald Trump as the latter continues shaping his administration and selecting government department heads.
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