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OKX Expands To Turkey As Part Of Global Expansion Plan
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OKX Expands Crypto Services To Turkey As Part Of Global Expansion Plan

  • OKX has announced its plan to expand its crypto services to Turkey by opening OKX.TR crypto exchange.
  • OKX.TR will offer its Turkish customers USDT/TRY, BTC/TRY, and ETH/TRY.
  • OKX President Hong Fang says this move is due to the high demand for crypto in the country.
  • Last year, the crypto exchange announced its plan to expand into the country.

Crypto exchange OKX has opened up OKX.TR, which is a localized version of the platform in Turkey, with trading pairs denominated in Turkish Lira.

According to OKX President, Hong Fang, in an interview, 

“Turkey is a very important and special market for us. It ranks high in terms of crypto adoption and crypto transaction volume.”

“There is a natural tendency to look for value in bitcoin in Turkey, particularly for wealth preservation.”

See Also: Bitcoin Exchange OKX Announced The Listing Of Smart Layer (SLN) On Its Spot Trading Platform

The exchange announced its plans to expand into the country in early 2023. OKX will offer USDT/TRY, BTC/TRY, and ETH/TRY trading pairs for its local customers.

Crypto has become a lifeline for many in Turkey because of the country’s economic struggles and crippling double-digit inflation rate. 

The Turkish government has been relatively permissive towards cryptocurrency, possibly due to its widespread use and the potential political consequences of alienating millions of crypto users.

Two major Turkish banks, Akbank and Garanti BBVA, have launched crypto initiatives as the nation readies a crypto regulatory framework.

OKX also operates in Hong Kong, the United Arab Emirates, the Bahamas, and France.

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