OKX Launches Crypto Exchange in Turkey, Expanding DeFi

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OKX, a leading global Web3 technology company and crypto exchange, has officially unveiled OKX TR, its crypto exchange tailored for users in Turkey.

The launch marks a significant step in providing Turkish users with a trusted, compliant, and transparent gateway to crypto trading and decentralized finance (DeFi).

The company revealed the launch on February 27. OKX TR also integrates OKX’s global Web3 Wallet, offering Turkish users access to a wide range of features.

OKX Launches New Platform In Turkey

Merhaba! We’re delighted to announce the official launch of OKX TR, our platform customized for Turkish users

As OKX TR Chairman @mehmet_camir highlights, @OKXTurkiye offers a transparent, compliant & user-friendly gateway to crypto and Web3: https://t.co/rN1KBejRCZpic.twitter.com/fYg6uRB2rY

— OKX (@okx) February 27, 2024

With the introduction of OKX TR, Turkish users now have access to localized features such as direct deposits and withdrawals in Turkish Lira, facilitated through banking partners including Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, and Türkiye Finans.

Furthermore, OKX TR offers 24/7 customer support in Turkish and English, ensuring users receive prompt assistance and comprehensive guidance as needed.

Regarding the launch, OKX President Hong Fang stated,

“The official launch of OKX TR represents a significant milestone in our global expansion strategy. Türkiye, with its crypto adoption rate close to 50%, presents a dynamic and promising market for the industry’s development. We are committed to supporting the growth of this vibrant ecosystem.”

Users of OKX TR gain access to a robust platform for trading major cryptocurrency pairs, including USDT/TRY, BTC/TRY, and ETH/TRY, with advanced crypto features available.

The OKX Wallet, a non-custodial Web3 wallet, is also accessible in Turkey through OKX’s global platform. 

The wallet offers a user-friendly self-custody portal for trading NFTs, using decentralized applications (dApps), and more. Notably, OKX Wallet is distinguished by its incorporation of both Multi-Party Computation (MPC) technology and Account Abstraction (AA) features, enhancing accessibility for less technical users.

The crypto exchange initially announced its expansion into Turkey in May 2023 and has since established a local office and assembled a dedicated team in the market.

With the launch of OKX TR, the platform aims to expand its presence further and capture local market share by offering tailored products and services.

Mehmet Çamır, Board Chairman of OKX TR, emphasized the company’s commitment to Turkey’s growth, stating,

“The launch of OKX TR underscores our belief in Turkey’s immense growth potential and our dedication to the market. As a global leader in crypto trading, Turkey is well-positioned to thrive in the decentralized finance space. We are excited to contribute to Turkey’s emergence as a Web3 innovation hub.”

OKX is a leading global crypto exchange and innovative Web3 company trusted by over 50 million users worldwide. OKX is renowned for its speed, reliability, and commitment to enhancing the fan experience through partnerships with notable entities such as Manchester City FC, McLaren Formula 1, and the Tribeca Festival.

Turkey’s Growing Crypto Adoption and Pending Regulations

The growing prominence of cryptocurrency in Turkey can be attributed to its role as a lifeline for many amidst economic struggles.

The Turkish government has shown relative permissiveness towards cryptocurrency, possibly due to its widespread adoption and the potential political ramifications of alienating millions of crypto users.

In 2021, Turkish President Recep Tayyip Erdoğan declared “a war on crypto,” and now the nation is preparing to introduce its first package of crypto regulations.

The impending regulations will require crypto platforms to obtain licenses from Turkey’s Capital Markets Board (CMB) and provide legal definitions for key terms such as “crypto assets,” “crypto wallets,” “crypto asset service providers,” “crypto asset custody service,” and “crypto asset buying and selling platforms.”

Notably, two major Turkish banks, Akbank and Garanti BBVA, have also ventured into the crypto space, reflecting the nation’s evolving stance on digital assets as it prepares to establish a regulatory framework.

In addition to Turkey, OKX operates in several other regions, including Hong Kong, the United Arab Emirates, the Bahamas, and France, demonstrating its global presence and commitment to serving diverse markets worldwide.

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