Why Coinbase Ditches Turkey: No Entry in the Crypto Market

Turkey Crypto Market: Coinbase Exit, QNB Digital Assets & Bitget Close

Big Shifts in Turkey's Crypto Market: Coinbase Pulls Out

Turkey’s crypto market has seen some big shake-ups recently. Coinbase, one of the world’s top crypto exchanges, has withdrawn its application to operate in Turkey. The country’s financial regulator updated its list of companies seeking liquidation on November 29, confirming this move.

Coinbase isn’t alone—QNB Digital Assets, the crypto arm of Turkey’s QNB Bank, also decided to shut down. They’re joined by Bitget, Finceptor, Koinim, Stanfex, and XYZ Technology, marking a wave of closures in Turkey’s crypto space.

On the brighter side, companies like Bitfinex, Bitbns, Bitlo, OKX, and Rain Software are still exploring opportunities and have applied to offer crypto custody services in Turkey.

So far, 14 companies have decided to close shop, while 77 others are still in the process of getting approved by Turkish regulators.

Earlier this year, Coinbase had ambitious plans to enter Turkey’s booming crypto market. However, the reasons behind its sudden withdrawal remain a mystery, as the company hasn’t shared any statements yet.

In conclusion, the recent wave of crypto exchanges pulling out of Turkey, including Coinbase, marks a significant shift in the country’s crypto landscape. With the closure of major players like QNB Digital Assets and Bitget, alongside the ongoing efforts of others like Bitfinex and OKX to enter the market, Turkey’s crypto future is facing uncertainty. Regulatory challenges, market volatility, and other factors have made it difficult for many companies to establish a presence in the country. 

As Turkey continues to navigate its evolving crypto regulatory framework, industry observers will closely monitor the impact of these withdrawals on the broader market.