International cryptocurrency exchange leader OKX has announced the introduction of its Turkish-specific platform, OKX TR. This new branch is designed to cater to the needs of Turkish customers by providing them with the ability to transact in Turkish Lira and offering customer service in both Turkish and English. OKX’s move into the Turkish sector is part of a broader effort to make their non-custodial Web3 Wallet and a full suite of services available to users in Turkey via the global platform.
Setting up OKX TR’s Infrastructure
The decision for OKX to venture into the Turkish market was first publicized in May 2023, followed by the establishment of a local office and the recruitment of a dedicated team. OKX TR’s launch offers Turkish investors an array of cryptocurrency pairings for trade, including high-demand currencies like USDT/TRY, BTC/TRY, and ETH/TRY. This development aligns with Turkey’s upcoming completion of cryptocurrency regulations, which will set licensing and operational standards for exchanges.
OKX Leadership Applauds Turkey’s Cryptocurrency Market
Hong Fang, President of OKX, has lauded Turkey’s cryptocurrency market, citing an adoption rate close to 50%. He stressed the company’s intention to capitalize on the Turkish population’s affinity and prowess with digital currencies to contribute to the country’s cryptocurrency landscape and encourage further regional progress.
OKX’s foray into Turkey is just one aspect of its global growth strategy, which recently included introducing services and the Web3 Wallet to the Argentine market and procuring a VASP license in Dubai for Middle East operations. The company’s expansion efforts underline the significant role of cryptocurrency and blockchain technology in emerging markets.
Nevertheless, OKX’s global push has not been without hurdles. In South Korea, the exchange is under investigation for its Jumpstart program, which is accused of being promoted to local investors without proper registration, highlighting the complexities of navigating international regulations.