OKX Expands to Turkey with OKX TR Launch

The second-largest global cryptocurrency exchange, OKX, has officially rolled out its platform, OKX TR, for users in Turkey. The announcement was made on Feb. 27, marking a significant move into the Turkish market.

OKX TR introduces a Turkish lira fiat on-ramp, providing users with the convenience of deposit options through collaboration with local banks. Notable banking partners for the platform include Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, and Türkiye Finans.

The platform will support major cryptocurrency pairings with the Turkish lira, including Tether (USDT), Bitcoin (BTC), and Ether (ETH), offering users access to “sophisticated crypto functionalities.” Additionally, OKX highlights the accessibility of OKX Wallet, a noncustodial Web3 wallet, enabling Turkish users to engage with nonfungible tokens (NFTs) and decentralized applications (DApps).

OKX Focused on Local Presence and Community

In a statement by Mehmet Çamır, the chairman of OKX TR, the company expressed its commitment to the local community by establishing a physical office in Turkey. Çamır emphasized the importance of aligning with the community’s needs and continuously improving products, services, and operations.

OKX’s expansion into Turkey aligns with the nation’s shifting attitude toward the crypto market. Despite President Recep Tayyip Erdoğan’s previous stance against cryptocurrency, recent developments indicate a more receptive approach. Turkey is set to introduce its first package of crypto regulations, requiring platforms to obtain licenses from Turkey’s Capital Markets Board and providing legal definitions for various crypto-related terms.

In addition to its Turkish venture, OKX continues its global expansion strategy with recent launches in Argentina and Brazil. However, the company faces regulatory challenges, notably in South Korea, where allegations of operating as an unregistered cryptocurrency exchange have prompted investigations by local authorities.