Exchange News

OKX Announces Launch of Its Platform in Turkey

This platform will host major cryptocurrency pairs with the Turkish Lira, such as Tether, Bitcoin, and Ether, alongside advanced crypto functionalities. The world’s second-largest digital currency exchange, OKX, officially launched OKX TR for Turkish users, revealed on February 27. OKX TR features Turkish Lira fiat on-ramps and deposit options in collaboration with local banks. The list of banking partners for the new platform includes Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, and Türkiye Finans. The company also highlights access to the OKX Wallet, a Web3 non-custodial wallet provided by OKX Global, for Turkish users, enabling them to access Non-Fungible Tokens (NFTs) and Decentralized Applications (DApps). According to Mehmet Çamir, Head of OKX TR, the company has also established a local office in Turkey, adding, “We believe that with a local physical presence, we can stay closer to our local community, relentlessly aligning their needs with our products, services, and operations.” OKX announced its expansion into the Turkish market in May 2023, prior to the Istanbul Blockchain Economy Summit in 2023. This launch coincides with a warming attitude in the country towards the digital currency market. In 2021, Turkish President Recep Tayyip Erdoğan declared a war against cryptocurrencies, but the country is now preparing to introduce its first cryptocurrency regulations package. The new guidelines will require crypto platforms to obtain a license from the Turkish Capital Markets Board, providing legal definitions for encrypted assets, digital wallets, cryptocurrency asset service providers, crypto asset custody services, and cryptocurrency trading platforms. In February 2024, OKX launched in Argentina as part of its ongoing strategy to target the Latin American market, following its launch in Brazil in late 2023. Meanwhile, the company has found itself at odds with regulators in South Korea, with local media reporting on February 7 that the Financial Intelligence Unit is investigating OKX following claims that the company operates as an unregistered cryptocurrency exchange.

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