Cryptocurrency exchange Coinbase has quietly pulled its bid to enter the Turkish market, joining other trading platforms that have backed out.

U.S.-based crypto exchange Coinbase withdrew its pre-application to enter Turkey just four months after applying to the list of the Turkish Capital Markets Board, Türkiye Today first reported, citing CMB’s updated list of companies requesting liquidation as of Nov. 29.

As of press time, it remains unclear why Coinbase pulled its bid to enter the market just four months after applying via Coinbase Turkey Yazılım Teknolojileri AŞ. In a commentary to Protos, a spokesperson for Coinbase didn’t provide details on the move, instead saying that the exchange “remains adaptive to evolving market conditions, regulatory landscapes, and our internal priorities.”

Coinbase is not the only exchange reconsidering its entry into the Turkish market. Other crypto platforms have shown hesitation as well. According to the CMB’s list, Bitget has also sought liquidation of its Turkish entity, along with companies such as Bengaluru-based Mudrix and Turkish exchange Koinim.

Across different countries and jurisdictions, crypto exchanges have either registered, gained approval, or exited the market. For example, exchanges have been forced to delist certain products in order to comply with regulations, such as the European Union’s MiCA legislation.

Data from blockchain forensic firm Chainalysis reveals that Turkey ranks as the largest crypto market in the Middle East and North Africa region and seventh globally, with a total value of $136.8 billion transacted between July 2023 and June this year.