OKX officially launched its cryptocurrency exchange in Turkey on Tuesday as part of its international expansion plans.
OKX TR shared with The Block that it offers direct deposits and withdrawals of Turkish Lira as well as bilingual support in Turkish and English. OKK’s web3 non-custodial wallet is now also available to Turkish customers through its global platform.
OKX, one of the largest cryptocurrency exchanges by trading volume, first announced its intention to expand into Turkey in May 2023, opening an office in the Middle East market and hiring a local team.
OKX TR provides users with a platform to trade major cryptocurrency pairs, including USDT/TRY, BTC/TRY, and ETH/TRY, the company said.
The move follows Turkish Finance Minister Mehmet Simsek’s revelation last month that the country’s cryptocurrency asset regulations, designed to enforce licensing and operating standards for trading platforms, are entering their final stages.
“With a cryptocurrency adoption rate close to 50%, Türkiye represents a very dynamic and promising market in an industry that continues to evolve,” said Hong Fang, President of OKX. “The population’s high engagement and understanding of digital assets creates an ideal environment for OKX, and we are committed to continuing to grow this already vibrant ecosystem.”
Argentina launch and potential Korean investigation
OKX’s latest expansion follows the launch of a cryptocurrency exchange service and web3 wallet in Argentina earlier this month. “The enormous potential of cryptocurrency and blockchain is expanding across Latin America, and Argentina represents an important launch pad for our regional growth strategy,” Fang said at the time.
Last January, OKX obtained a VASP license in Dubai to operate cryptocurrency exchange services.
However, as previously reported by The Block, OKX is facing potential investigation from South Korean authorities after the local council of cryptocurrency exchanges alleged that OKX promoted its Jumpstart program to Korean investors without proper registration in Korea. .
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