Coinbase Withdraws Pre-Application to Enter Turkish Market

Coinbase has withdrawn its pre-application to enter the Turkish market amid rising liquidations. 14 firms seek liquidation, 77 applicants remain active.

Coinbase, one of the world’s top cryptocurrency exchanges, has decided to withdraw its pre-application to enter the Turkish market. This move came after the Capital Markets Board of Türkiye updated the list of companies requesting liquidation on November 29. In the update, it was disclosed that Coinbase had withdrawn its pre-application that was filed in August and was seeking liquidation, according to the local report.

Similarly, other companies have also taken similar actions. QNB’s digital asset division, QNB Digital Assets, also applied for liquidation, together with other firms such as Finceptor, Koinim, Stanfex, and XYZ Teknoloji. The news also brings to light a phenomenon of firms’ withdrawal from the Turkish market. On the active entities list, Yapi Kredi Bank provided documents to become a cryptocurrency custodian. Takasbank and Eliptik Digital Custody Management Company, owned by BtcTurk, have also submitted their applications for custody services.

Turkey Sees 14 Companies Seek Liquidation Amid Crypto Changes

With these new updates, the total number of companies seeking liquidation has now been fixed at 14. However, the number of active applicants is 77. This change is not an isolated phenomenon, but is part of the dynamics of the crypto regulation in Turkey. There was a particularly large influx of crypto companies interested in operating in Turkey in August. According to the Turkish Capital Markets Board (CMB), 76 firms applied for licenses under new rules that were issued earlier. Some of the top applicants included Bitfinex, Binance TR, and OKX TR.

The increase in applications occurred while the so-called “Law on Amendments to the Capital Markets Law,” came into force on July 2. This new law created a legal framework for the regulation of CSA service providers in clearly. However, the CMB pointed out that the three companies it invested in went bankrupt during the same period. Further, some applications are still outstanding because relevant information is still being processed.

In September, Turkey announced an important step. Ministers also abandoned plans for a new tax on trading gains, including on shares and cryptocurrency. Vice President Cevdet Yilmaz said that there are no plans for any such tax at present. Although the topic was previously discussed in this meeting, it is now off the table. However, Yilmaz noted that the government aims to explore further tax reductions soon. This change could suggest a more crypto-friendly approach in Turkey moving forward.

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