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Finance

Crypto Exchange OKX Enters Turkey as Part of Global Expansion Plan

OKX President Hong Fang says there is a high demand for crypto in the country.

By Sam Reynolds
AccessTimeIconFeb 27, 2024 at 8:48 a.m. UTC
Updated Mar 8, 2024 at 10:12 p.m. UTC
Turkey flag. (Michael Jerrard/Unsplash)
Turkey flag. (Michael Jerrard/Unsplash)
  • Last year, the crypto exchange announced its plan to expand into the country.
  • OKX.TR will offer its Turkish customers USDT/TRY, BTC/TRY, and ETH/TRY.
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    • Crypto exchange OKX has opened up OKX.TR is a localized version of the platform in Turkey, with trading pairs denominated in Turkish Lira.

    “Turkey is a very important and special market for us. It ranks high in terms of crypto adoption and crypto transaction volume,” OKX President Hong Fang said in an interview with CoinDesk. “There is a natural tendency to look for value in bitcoin in Turkey, particularly for wealth preservation.”

    The exchange announced its plans to expand into the country in early 2023. OKX will offer USDT/TRY, BTC/TRY, and ETH/TRY trading pairs for its local customers.

    Crypto has become a lifeline for many in Turkey because of the country’s economic struggles and crippling double-digit inflation rate. The Turkish government has been relatively permissive towards cryptocurrency, possibly due to its widespread use and the potential political consequences of alienating millions of crypto users, CoinDesk reported.

    Two major Turkish banks, Akbank and Garanti BBVA, have launched crypto initiatives as the nation readies a crypto regulatory framework.

    OKX also operates in Hong Kong, the United Arab Emirates, and the Bahamas.

    Edited by Parikshit Mishra.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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