OKX Expands Footprint with Dedicated Cryptocurrency Platform for Turkish Users.
Summary:
OKX, the world's second largest cryptocurrency exchange, has unveiled OKX TR, a platform specifically tailored for Turkish users, complete with Turkish Lira transactions and deposit options via local banks. By blending traditional banking with advanced crypto functionalities, OKX TR aims to cater to the evolving needs of the Turkish market. The announcement comes amidst Turkey's changing stance towards digital currencies, from declaring a "crypto war" to now preparing to introduce comprehensive digital currency regulations.
OKX, the world's second largest cryptocurrency exchange, has introduced OKX TR, its dedicated platform tailored to Turkish users. This announcement was made public on February 27th. OKX TR not only supports Turkish Lira transactions but also enables deposit options through partnerships with local banks including Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans. The platform provides major cryptocurrency pairs such as USDT/TRY, BTC/TRY and ETH/TRY, along with advanced crypto-driven capabilities. OKX additionally emphasizes the availability of its non-custodial Web3 wallet, termed the OKX Wallet, for Turkish users, paving the way for access to nonfungible tokens (NFTs) and decentralized apps, or dApps.
Apart from launching the platform, OKX has also set up a physical office in Turkey. OKX TR Chairman Mehmet Çamır states that strategic local presence aims at better understanding and satisfying the needs and preferences of local users when it comes to offerings and operations.
The decision to expand into the Turkish market came to light in May 2023, just ahead of the Blockchain Economy Istanbul Summit 2023. This move aligns with Turkey’s shift towards the crypto market. The Turkish President Recep Tayyip Erdoğan's call for a "crypto war" in 2021 has now swerved to a more crypto-friendly stance with the country readying to roll out its maiden set of digital currency regulations.
These proposed laws mandate all crypto platforms to possess licenses issued by Turkey's Capital Markets Board (CMB) and provide legal classifications for terms including "crypto assets," "crypto wallets," "crypto asset service providers," "crypto asset custody service," and "crypto asset trading platforms."
In their continued endeavors to capture the Latin American market, OKX inaugurated its platform in Argentina in February 2024, following its launch in Brazil during late 2023. Simultaneously, the company is trying to navigate regulatory conflicts in South Korea. Reports surfaced on February 7th indicating an investigation by the Financial Intelligence Unit (FIU) into claims that OKX was functioning as an unregistered cryptocurrency exchange.
Published At
2/27/2024 2:07:40 PM
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