Coinbase has withdrawn its pre-application to enter Turkey’s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.
Coinbase Ends USDC Rewards in EEA
Last week, Finance
Magnates reported that Coinbase
will end USDC rewards for holders in the European Economic Area (EEA)
starting December 1, following the new Markets in Crypto-Assets (MiCA)
regulation, according to a customer email sent on November 28.
Qualified users can continue earning rewards until November
30, with final payouts distributed within the first 10 business days of
December. The rewards program allowed users to earn daily yields for holding
USDC, available in over 100 jurisdictions, with yields varying by region.
MiCA, effective from June 2023, imposes new compliance
requirements for e-money tokens like USDC. Starting June 30, 2024, issuers must
be licensed as credit or electronic money institutions and meet strict
standards, including reserve management and liquidity requirements, while being
prohibited from offering interest.
This article was written by Tareq Sikder at www.financemagnates.com.
