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Coinbase has withdrawn its pre-application to enter Turkey’s
cryptocurrency market, according to a November 29 update from the country’s
financial regulator, which listed the company among those requesting
liquidation.
Separately, Coinbase will discontinue USDC rewards in the
European Economic Area (EEA) starting December 1, citing compliance with the
MiCA regulation in a November 28 email to customers.
Turkey Crypto Market Faces Shifts
QNB Digital Assets, a division of Qatar National Bank in
Turkey, also filed for liquidation. Other entities marking closure include
Bitget, Finceptor, Koinim, Stanfex, and XYZ Technology.
Despite these exits, companies like Bitfinex, Bitbns, Bitlo,
OKX, and Rain Software continue to pursue licenses for custody services in
Turkey. The number of liquidation filings has now reached 14, while 77
applications remain active.
US-based Coinbase, one of world’s largest cryptocurrency exchanges, drops plans to enter Turkish market
— Türkiye Today (@turkiyetodaycom) December 1, 2024
Coinbase had expressed interest in Turkey’s expanding crypto
market earlier this year. The reason for its withdrawal remains unclear, and
the company has not commented on the matter.
This article was written by Tareq Sikder at www.financemagnates.com.
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