Coinbase, a leading cryptocurrency exchange, has abruptly withdrawn its pre-application to enter Turkey’s burgeoning crypto market, according to recent documents from Turkey’s Capital Markets Board (CMB). This decision comes after a wave of interest from over 90 companies eager to establish a presence in Turkey, one of the world’s largest cryptocurrency markets.

The withdrawal, first reported by local news outlets and amplified on social media, suggests Coinbase has requested a liquidation of its preliminary efforts. However, the company has not provided an official explanation for its retreat.

When approached for comment, Coinbase stated its expansion strategy is continually reassessed based on market conditions, regulatory frameworks, and internal priorities. A spokesperson emphasized the company’s mission to offer safe and accessible cryptocurrency services while adapting to evolving global landscapes.

Coinbase had initially filed for entry into Turkey’s crypto space in August, alongside prominent players like KuCoin and Gate.io. However, as of late November, at least 14 applicants, including Coinbase and Bitget, have reportedly rescinded their applications. Despite these withdrawals, Turkey’s crypto market remains a powerhouse, ranking fourth globally in trading volume and 11th on Chainalysis’s “2024 Global Crypto Adoption Index.”

This unexpected move raises speculation about regulatory challenges and strategic shifts within Coinbase. With Turkey’s crypto adoption growing rapidly, the exchange’s decision to pause its expansion leaves many wondering about its future plans in one of the most dynamic markets in the cryptocurrency world.