OKX launches crypto exchange in Turkey to satisfy surging demand

Written by

Written on Feb 27, 2024

Reading time 2 minutes

The trading firm expands into the Turkish market with OKX.TR subsidiary.
Users will access assets tied to the local currency, including BTC/TRY and USDT/TRY.
Turkey ranks high in cryptocurrency adoption & transactions.

OKX has finally ventured into the Turkish marketplace. The trading platform announced the OKX.TR crypto exchange on Tuesday to satisfy in soaring demand for cryptocurrencies.

According to official sources, #OKX has officially launched crypto exchange #okxtr in Turkey, and Turkish users can conduct mainstream crypto transactions such as $USTD/TRY, $BTC/TRY and $ETH/TRY on OKX TR. In addition, the OKX Web3 wallet product is also available.
— Bitpush (@bitpushnews) February 27, 2024

Turkey remains a crucial player in the digital coins market, leading in crypto transaction volume and adoption. Citizens have entered the industry for wealth preservation.

OKX revealed its plans to enter Turkey in 2023. The new platform will offer users top crypto pairs tied to the local currency, including BTC/TRY, ETH/TRY, and USDT/TRY. Moreover, enthusiasts will enjoy direct Turkish Lira deposits and withdrawals.

Also, Turkish clients can access OKX’s no-custodial wallets through the global exchange.

OKX’s latest move comes after Turkey Finance Minister Mehmet Simsek issued bullish remarks for digital assets. He revealed that the nation’s crypto regulatory framework neared conclusion. The new rules will introduce operating and certificate standards for trading firms.

Turkey has seen increased demand for digital assets due to the nation’s troubling inflation and economic challenges.

OKX’s global expansion moves

The exchange’s expansion into Turkey is part of its plans to establish international footprints. OKX launched an exchange and cryptocurrency wallet in Brazil. Also, it acquired the conditional virtual asset services (CVAS) license to operate in Dubai last month.