Coinbase has announced significant adjustments to its global operations, including withdrawing from Turkey’s crypto market and halting USDC rewards in the European Economic Area (EEA), citing evolving regulatory frameworks.
Coinbase Exits Turkey, Adjusts USDC Rewards to MiCA Compliance
Coinbase withdraws Türkiye application amid market changes. Turkey's financial regulator announced that Coinbase has withdrawn its preliminary application to enter the country's cryptocurrency market.
Coinbase was among 14 firms that filed for liquidation, including Qatar National Bank's Turkish subsidiary QNB Digital Assets.
Other companies that have exited Turkey include Bitget, Finceptor, Koinim, Stanfex and XYZ Technology. However, firms such as Bitfinex, OKX, Bitlo, Rain Software and Bitbns continue to seek custody licenses, reflecting a mixed landscape for the country’s cryptocurrency market.
Coinbase had shown interest in Turkey earlier this year, amid growing cryptocurrency adoption in the country. The company has not commented on its withdrawal.
USDC Rewards End for EEA Users
Coinbase notified its users on Nov. 28 that it will be ending USDC rewards in the EEA starting Dec. 1, citing compliance with the Markets in Crypto Assets (MiCA) regulation.
*This is not investment advice.
