OKX Forays Into Turkey to Tap Into Growing Crypto Market

• The chairman of OKX TR, said that the business has also set up a local office in Turkey.
• The debut is timed to coincide with the country’s changing stance on the crypto sector.

In a formal announcement, crypto exchange OKX has introduced OKX TR to the Turkish market. The launch was announced by the corporation on February 27.

In partnership with regional financial institutions, OKX TR offers a deposit option and an on-ramp for the Turkish lira fiat currency. Fibabanka, VakıfBank, İş Bankası, Fikret Bankası, Şekerbank, and Türkiye Finans are among the banking partners for the new platform.

Users in Turkey will be able to use OKX Wallet, a non-custodial Web3 wallet supplied by OKX Global, and the platform will include significant cryptocurrency pairings with the Turkish lira, such as Tether (USDT). Customers may use the wallet to access decentralized apps (DApps) and non-fungible tokens (NFTs). Mehmet Çamır, the chairman of OKX TR, said that the business has also set up a local office in Turkey.

Camir stated:

“We believe that by having a local physical presence, we can stay close to our local community, with relentless focus on aligning their needs to our products, services and operations.”

Coinciding With Changing Stance

In May 2023, ahead of the Blockchain Economy Istanbul Summit 2023, OKX announced its entry into the Turkish market. The debut is timed to coincide with the country’s changing stance on the cryptocurrency sector. Despite Turkish President Recep Tayyip Erdoğan declaring “a war on crypto” in 2021, the country is now getting ready to implement its first set of crypto legislation.

Under the new rules, the Capital Markets Board in Turkey will be the one to issue licenses to cryptocurrency platforms. Moreover, it will also legally define digital assets.

Highlighted Crypto News Today:

Stablecoin Market Hits $140 Billion as Investor Optimism Grows