Coinbase has withdrawn its application to expand into Turkey, signaling a pause on its plans to enter the Turkish digital market. The trading platform’s resolve is making rounds in several local media. Notedly, most news publication firms obtained the information from a document released by the Turkish Capital Markets Board (CMB).
At the time of writing, the exchange has yet to release any official statement explaining its latest decision. It is worth noting that Coinbase had previously applied to operate in Turkey as part of its global expansion efforts. Hence, it’s understandable that its resolve to pull back has generated widespread concerns.
Few Other Exchanges Have Withdrawn their Applications to Enter the Turkish Market
Around August 2024, several exchanges, including Coinbase, KuCoin, Gate.io, etc, showed interest in exploring Turkey’s digital asset landscape. Hence, they took the appropriate steps by applying for entry into the market.
However, after several regulatory reforms, some exchanges started reconsidering their decisions. Eventually, some opted out of the race to gain comprehensive approvals. Based on reputable reports, fourteen trading platforms, including Coinbase and Bitget, gave up the pursuit.
While some trading platforms pulled off the race to gain market endorsement, seventy-seven exchanges are still exploring the possibility of landing operational permits. Some of them include Bitbns, Bitlo, OKX, Bitfinex, etc.
Impact on Turkey’s Crypto Ecosystem
Coinbase’s exit represents a missed opportunity for Turkey’s cryptocurrency sector, which has been eager to attract international players. Local exchanges dominate the market, but the entry of a leading player like Coinbase could have increased competition and provided Turkish investors with more diverse trading options.
Turkey has emerged as a critical cryptocurrency market due to economic instability and a population turning to digital assets as a hedge against inflation. Despite Coinbase’s decision, other global exchanges may still seek entry, betting on the country’s potential as a leading hub for cryptocurrency activity.
Coinbase has not ruled out future expansion into Turkey, leaving the possibility open as part of its long-term international growth strategy. However, for now, the company seemed focused on strengthening its presence in regions with clearer regulatory pathways.
