Leading cryptocurrency exchange OKX, as part of its global expansion strategy, has officially launched its Turkish platform OKX TR. The company announced that OKX TR, presented as the Turkish branch of the global cryptocurrency exchange, will offer Turkish users the convenience of depositing and withdrawing in Turkish Lira, as well as bilingual support in Turkish and English. The entry of OKX into the Turkish market with OKX TR has also paved the way for the expansion of access to the exchange’s non-custodial wallet, Web3 Wallet, and for offering Turkish users a comprehensive service package through the global platform.
OKX TR’s Foundations Were Laid in May 2023
OKX’s expansion into the Turkish market follows the announcement of its intention to enter the market in May 2023, the establishment of an office, and the recruitment of a local team.
With the launch of OKX TR, Turkish users will have access to a wide variety of cryptocurrency trading pairs, including popular options such as USDT/TRY, BTC/TRY, and ETH/TRY, providing a seamless trading experience for investors in the region. This move comes particularly as Turkey’s Finance Minister Mehmet Şimşek indicated that the country’s cryptocurrency regulation, aiming to develop licensing and operational standards for cryptocurrency exchanges, is about to be finalized, amidst increasing regulatory clarity in Turkey.
Praise for Turkey’s Crypto Market from OKX President
OKX’s President Hong Fang expressed optimism about the Turkish market, referencing the high cryptocurrency adoption rate nearing 50%. Fang emphasized OKX’s commitment to leveraging the population’s engagement with and understanding of cryptocurrency to promote the growth of Turkey’s crypto ecosystem and to foster further development in the region.
The expansion into Turkey is part of OKX’s international expansion strategy, which includes recent launches in other regions. Earlier this month, the cryptocurrency exchange recognized the tremendous potential of crypto and Blockchain in Latin America and introduced exchange services and the Web3 Wallet in Argentina. In January, it also obtained a VASP license in Dubai, positioning itself to offer cryptocurrency exchange services in the Middle East.
However, OKX’s international expansion efforts have also faced various challenges. South Korean authorities have initiated an investigation into the exchange’s Jumpstart program, which is alleged to have been offered to South Korean investors without meeting the necessary registration requirements.
