Two leading crypto exchanges Coinbase and KuCoin have recently applied for licenses to operate in Turkey.
According to a recent update from Turkey’s Capital Markets Board (CMB), 29 new exchanges have applied for these licenses since August 9. This brings the total number of applicants to 76, compared to the 47 exchanges that had applied earlier, including Binance and OKX.
The applications follow Turkey’s introduction of the “Law on Amendments to the Capital Markets Law” in July, which imposes stricter regulations on crypto asset service providers, prompting both local and international exchanges to seek official authorization to operate within the country.
Before the law was enforced, exchanges like Binance and OKX had already applied for licenses. Now, major names like Coinbase and KuCoin have joined the list. Moreover, the CMB report shows a sharp increase in applications since the law came into effect, which indicates a growing interest in Turkey’s crypto market.
However, obtaining a license is not an easy process. The CMB has emphasized that being listed as an applicant does not mean automatic approval. Exchanges must meet strict requirements and provide detailed information to receive authorization.
Additionally, the CMB noted that eight exchanges, including Bitget, will no longer be operating in Turkey as they had faced difficulties in meeting these regulations.
Also Read: Binance Adjusts Operations in Turkey to Comply with Regulatory Requirement
