Coinbase is pulling out of the Turkish crypto market. They’re shutting down their operations there after withdrawing their application with the local financial regulator.

According to Türkiye Today, the Capital Markets Board of Turkey updated its liquidation list last week. It shows that Coinbase has withdrawn its three-month-old pre-application and has filed for liquidation.

When asked about this decision, Coinbase told Protos that they “continually assess potential markets for expansion.” They also mentioned that they “remain adaptive to evolving market conditions, regulatory landscapes, and our internal priorities.”

It’s worth noting that a total of 14 companies have filed for liquidation. Meanwhile, 77 firms are currently in the application process. Some of the crypto companies involved include Binance, KuCoin, and OKX.

Interestingly, Binance and KuCoin removed Turkish language options from their websites and apps last September. They also stopped marketing to Turkish users. Binance stated that this move helps them comply with Turkish laws for non-Turkey-based crypto asset service providers.

Starting this December, Coinbase will stop offering yields on USDC in Europe. They attribute this change to the European Union’s Markets in Crypto-Assets (MiCA) stablecoin law.

Many users on X were not pleased with this news. The co-founder and CEO of Sablier expressed his frustration sarcastically, saying, “Very grateful to the EU for protecting me against earning a yield on my USDC holdings on Coinbase.” This sparked a wave of similar comments from users across the platform.