As part of its commitment to expanding its global presence, OKX has launched a crypto exchange in Turkey. In its Tuesday announcement, OKX unveiled the exchange as OKX TR, stressing that it will offer Turkish Lira direct deposits and withdrawals for residents in the country.
According to OKX, the crypto exchange will be available in both Turkish and English to eliminate any language barriers that may affect user experience. To provide efficient fiat on-ramp and deposit services, the exchange has partnered with several local banking partners in the country, including Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, Türkiye Finans, and many more.
The new platform will also host scores of cryptocurrency trading pairs like Bitcoin, USDT, Ethereum, and more through its Turkish lira. More so, OKX revealed that its web3 wallet will be available to Turkish residents through its global platform. With the wallet, they can gain unlimited access to NFTs and decentralized applications (dApps).
Before launching the exchange, OKX has earlier announced its intention to establish a presence in Turkey. Meanwhile, the launch comes amid the country’s decision to soften its stance on crypto. Recall that the president of the country, Recep Tayyip Erdoğan had earlier declared war on crypto. The harsh stance has been softened as authorities in the country are now preparing to introduce its first crypto regulatory framework.
According to findings, the regulatory framework will mandate crypto trading platforms to obtain licenses from the Turkey’s Capital Markets Board. Also, it will give legal definitions to all forms of crypto activities including buying and selling, custody services, wallets, and many more.
OKX aiming to expand its presence across the globe
By expanding its services to scores of countries across the globe, OKX believes it can further enhance crypto popularity and adoption. Earlier, it announced its crypto trading services in Argentina, describing the country as a crucial launch pad for its regional growth strategy. In the same vein, the exchange secured a regulatory license in Dubai to provide crypto trading services to residents in the region.
Read More: