OKX, the American-based crypto exchange, has rolled out OKX TR for Turkish users. In a February 27 report, the OKX team confirmed that the newly launched platform will consist of trading pairs with local currency.
The report indicated that OKX TR will collaborate with local banks, including Fibabanka, VakıfBank, Türkiye Finans, Ziraat Bankası and İş Bankası, Şekerbank to offer the customer world-class services. The collaboration with local banks will allow the OKX TR to offer on-ramp services using Turkish Lira.
OKX Expands to Turkey
The OKX TR platform will primarily support pairing crypto assets with the Turkish Lira. The crypto exchange plans to support the pairing of Turkish Lira with Tether (USDT/TRY), Bitcoin (BTC/TRY), and Ether (ETH/TRY).
Beyond this, the newly launched platform will support the accessibility of OKX Wallet to Turkish users. OKX Global has designed this wallet to meet the needs of diverse crypto users.
The OKX Wallet has gained popularity in supporting users navigating the Web3 sector, nonfungible tokens (NFTs), and decentralized applications (DApps). A statement from OKX TR Mehmet Çamır’s chairman stated that the launching of the new platform will allow the crypto exchange to relate well with the community.
Significance of OKX TR
The official admitted that the OKX TR will focus on meeting the customers’ needs. Mr. Çamır plans to align its products and services according to the needs of Turkish users.
In support of Çamır, the president of OKX, Hong Fang, stated that the crypto exchange has been eying to tap into the vibrant Turkish crypto market. The executive confirmed that Turkey has lately witnessed a surge in crypto activities.
The official confirmed that Turkey holds a particular market for the OKX team. He noted that Turkey ranks among the countries with high crypto adoption. The official admitted that the OKX started the expansion plan to Turkey last May.
Besides pursuing the Turkish market, the American crypto exchange has been seeking to expand its footprint in Hong Kong, the Bahamas, and the United Arab Emirates (UAE).However, the expansion plans to Turkey were interrupted by economic conditions in Turkey.
Attractiveness of the Turkish Crypto Market
In an earlier report, Turkish President Tayyip Erdoğan had vowed to scrap crypto development in the region. Since 2021, the Turkish president initiated moves to fight crypto assets.
The President’s anti-crypto moves were abruptly stopped after double-digit inflation hit Turkey. The ailing economy in Turkey forced the Erdoğan administration to explore control measures to curb the biting inflation.
In January, the Turkish government confirmed finalizing the rule-making process for crypto assets. A review of the proposed rule demonstrated that the government will clearly define crypto assets and outline the procedure for licensing trading platforms.
The new rules will guide local crypto firms to meet the regulatory standards defined by the Financial Action Task Force (FATF).
In the report, the authority confirmed that the team behind the new crypto rule was finalizing the rule-making process. The government believes the new rule will reduce the risk associated with crypto assets and support critical stakeholders in aligning their business activities with international standards.
In support of the government initiative to regulate crypto assets, leading banking institutions in Turkey have established crypto-related projects to support businesses operating within the crypto regulatory framework.
