OKX, the second largest global cryptocurrency exchange, announced the launch of OKX TR, a platform exclusively for Turkish users. The platform features fiat onramp functionality using the Turkish Lira, supported through cooperation with local banks such as Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans.
Cryptocurrency pairing and wallet accessibility
OKX TR will offer major cryptocurrency pairings against the Turkish Lira, including Tether (USDT), Bitcoin (BTC), and Ethereum (ETH), along with “sophisticated cryptocurrency capabilities.” Turkish users will also have access to OKX Wallet, a non-custodial Web3 wallet provided by OKX Global, allowing the use of non-fungible tokens (NFTs) and decentralized applications (DApps).
Local presence and community focus
Mehmet Çamır, Chairman of OKX TR, emphasized the importance of maintaining a close relationship with the community and having a local physical presence to match their needs with the platform’s products and services.
Türkiye’s Changing Cryptocurrency Environment
Turkey’s cryptocurrency market has witnessed a change in attitude with President Recep Tayyip Erdoğan previously declaring a “war on cryptocurrencies” in 2021. However, Turkey is currently preparing to introduce its first cryptocurrency regulatory package that will require cryptocurrency platforms to obtain a license. Provided by Turkey’s Capital Markets Board, it provides legal definitions for various cryptocurrency-related terms.
OKX’s global expansion
OKX’s expansion into Turkey follows its expansion into Brazil in late 2023 and its recent expansion into Argentina as part of its strategy to target the Latin American market. However, OKX is facing regulatory issues in Korea, with the Financial Intelligence Unit (FIU) investigating OKX. It is believed to be operating as an unregistered cryptocurrency exchange.