OKX opens crypto exchange in Turkey, expanding its international footprint
Quick Take
- OKX has opened a crypto exchange in Turkey named OKX TR.
- OKX’s web3 wallet is also available to Turkish users via its global platform.
OKX officially launched a crypto exchange in Turkey on Tuesday as part of its international expansion plans.
OKX TR offers Turkish Lira direct deposits and withdrawals as well as bilingual support in both Turkish and English, according to a statement shared with The Block. OKK’s web3 non-custodial wallet is also now available to Turkish customers via its global platform.
OKX — one of the largest crypto exchanges by trading volume — first announced its intention to expand into Turkey in May 2023, subsequently opening an office and hiring a local team in the market.
OKX TR offers users a platform to trade major cryptocurrency pairs, including USDT/TRY, BTC/TRY and ETH/TRY, the company said.
The move follows remarks from Turkey’s Finance Minister Mehmet Simsek last month, stating that the country’s crypto asset regulations — designed to bring licensing and operating standards to trading platforms — were entering the final stage.
“With a crypto adoption rate close to 50%, Türkiye represents a very dynamic and promising market for the industry as it continues to develop,” OKX President Hong Fang said. “The population's high level of engagement and understanding of digital assets makes it an ideal environment for OKX, and we're strongly committed to helping continue to grow this already vibrant ecosystem."
Argentina launch and potential South Korea probe
OKX’s latest expansion follows the launch of its crypto exchange services and web3 wallet in Argentina earlier this month. "The immense promise of crypto and blockchain is expanding across Latin America, and Argentina represents a crucial launch pad for our regional growth strategy,” Fang said at the time.
In January, OKX also obtained a VASP license in Dubai to operate crypto exchange services.
However, as The Block previously reported, the firm is also facing a potential probe from South Korean authorities after a local council of crypto exchanges alleged that OKX promoted its Jumpstart program to South Korean investors without proper registration in the country.
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