Coinbase to leave Turkey after ending USDC yields in EU

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—by Protos Staff

Crypto exchange Coinbase is dropping out of Turkey’s crypto market and liquidating its Turkish operation after withdrawing its application with the country’s financial regulator.  

Türkiye Today reported that the country’s Capital Markets Board updated its company liquidation list last week. It noted that Coinbase had withdrawn its three-month-old pre-application and filed for liquidation. 

When asked to comment on the withdrawal, Coinbase told Protos it, “Continually assesses potential markets for expansion,” and that it “remains adaptive to evolving market conditions, regulatory landscapes, and our internal priorities.”

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A total of 14 companies have reportedly filed for liquidation and 77 firms are going through the application process. Some crypto companies that have applied include Binance, Kucoi, and OKX.

Oddly enough, Binance and KuCoin removed the Turkish language options from its website and app last September while also discontinuing marketing to Turkish users. Binance claimed this would allow it to comply with Turkish laws for non-Turkey-based crypto asset service providers.

Starting this December, Coinbase stopped offering yields on USDC in Europe which it claims was due to the European Union’s Markets in Crypto-Assets (MiCA) stablecoin law. 

Many X users weren’t happy with the USDC yield shuttering. The co-founder and CEO of Sablier commented sarcastically, “Very grateful to the EU for protecting me against earning a yield on my USDC holdings on Coinbase.” This prompted a wave of similar comments from users across X.  

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