Global cryptocurrency giant OKX has unveiled its new Turkish platform, OKX TR, marking a significant expansion into the Turkish market. Officially launched on February 27, OKX TR introduces a seamless Turkish Lira fiat gateway and deposit options through partnerships with several local banks, including Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, and Türkiye Finans.
Key Features of OKX TR
The platform is set to offer major cryptocurrency pairs such as USDT/TRY, BTC/TRY, and ETH/TRY, along with advanced crypto functionalities. Additionally, Turkish users will have access to the OKX Wallet, a non-custodial Web3 wallet provided by OKX Global, enabling them to engage with non-fungible tokens (NFTs) and decentralized applications (dApps).
In an effort to closely connect with the Turkish community, OKX has also established a local office in Turkey. Mehmet Çamır, Chairman of OKX TR, emphasized the importance of a local physical presence for aligning the platform’s offerings with the needs of Turkish users.
A Shift in Turkey’s Crypto Stance
This launch comes at a time when Turkey is gradually warming up to the crypto market, a significant shift from President Recep Tayyip Erdoğan’s 2021 declaration of “a war on crypto.” The country is now on the verge of introducing its first set of crypto regulations, requiring crypto platforms to secure licenses from Turkey’s Capital Markets Board (CMB) and establishing legal definitions for various crypto-related terms and services.
OKX’s Global Expansion and Regulatory Challenges
OKX’s foray into Turkey follows its recent launches in Argentina and Brazil, as part of its strategy to penetrate the Latin American market. However, the company has faced regulatory scrutiny, notably in South Korea, where it is under investigation for operating as an unregistered cryptocurrency exchange.
The launch of OKX TR represents a strategic move to tap into the burgeoning Turkish crypto market, amidst evolving regulations and growing interest in digital assets within the country.
