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OKX, a prominent global Web3 technology firm and cryptocurrency exchange, has officially launched OKX TR, its crypto exchange specifically designed for users in Turkey.
This launch represents a crucial advancement in offering Turkish users a reliable, compliant, and transparent entry point into cryptocurrency trading and decentralized finance (DeFi).
The announcement was made on February 27. OKX TR also features integration with OKX’s global Web3 Wallet, providing Turkish users with access to a variety of functionalities.
OKX Introduces New Platform In Turkey
Merhaba! We are pleased to announce the official launch of OKX TR, our platform tailored for Turkish users
As highlighted by OKX TR Chairman @mehmet_camir, @OKXTurkiye provides a transparent, compliant & user-friendly access point to crypto and Web3: https://t.co/rN1KBejRCZ pic.twitter.com/fYg6uRB2rY
— OKX (@okx) February 27, 2024
With the launch of OKX TR, Turkish users can now utilize localized features such as direct deposits and withdrawals in Turkish Lira, facilitated through banking partners like Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, and Türkiye Finans.
Additionally, OKX TR provides 24/7 customer support in both Turkish and English, ensuring users receive timely assistance and thorough guidance as required.
In relation to the launch, OKX President Hong Fang remarked,
“The official launch of OKX TR signifies a major milestone in our global expansion strategy. Türkiye, with its crypto adoption rate nearing 50%, offers a dynamic and promising market for the industry’s growth. We are dedicated to fostering the development of this vibrant ecosystem.”
Users of OKX TR have access to a robust platform for trading major cryptocurrency pairs, including USDT/TRY, BTC/TRY, and ETH/TRY, along with advanced crypto functionalities.
The OKX Wallet, a non-custodial Web3 wallet, is also available in Turkey via OKX’s global platform.
This wallet provides a user-friendly self-custody interface for trading NFTs, utilizing decentralized applications (dApps), and more. Notably, OKX Wallet is characterized by its integration of both Multi-Party Computation (MPC) technology and Account Abstraction (AA) features, improving accessibility for less technical users.
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The crypto exchange initially announced its entry into Turkey in May 2023 and has since established a local office and built a dedicated team in the region.
With the launch of OKX TR, the platform aims to further enhance its presence and capture local market share by offering customized products and services.
Mehmet Çamır, Board Chairman of OKX TR, reiterated the company’s commitment to Turkey’s growth, stating,
“The launch of OKX TR highlights our confidence in Turkey’s significant growth potential and our commitment to the market. As a global leader in crypto trading, Turkey is well-positioned to excel in the decentralized finance sector. We are eager to contribute to Turkey’s rise as a Web3 innovation hub.”
OKX is a leading global cryptocurrency exchange and innovative Web3 company trusted by over 50 million users globally. OKX is recognized for its speed, reliability, and dedication to enhancing the user experience through partnerships with notable organizations such as Manchester City FC, McLaren Formula 1, and the Tribeca Festival.
Turkey’s Increasing Crypto Adoption and Upcoming Regulations
The rising significance of cryptocurrency in Turkey can be linked to its role as a vital resource for many during economic challenges.
The Turkish government has exhibited a relatively permissive attitude towards cryptocurrency, likely due to its widespread acceptance and the potential political consequences of alienating millions of crypto users.
In 2021, Turkish President Recep Tayyip Erdoğan announced “a war on crypto,” and now the country is preparing to implement its first set of crypto regulations.
The forthcoming regulations will mandate that crypto platforms obtain licenses from Turkey’s Capital Markets Board (CMB) and provide legal definitions for essential terms such as “crypto assets,” “crypto wallets,” “crypto asset service providers,” “crypto asset custody service,” and “crypto asset buying and selling platforms.”
Significantly, two major Turkish banks, Akbank and Garanti BBVA, have also entered the crypto sector, reflecting the nation’s evolving perspective on digital assets as it prepares to create a regulatory framework.
In addition to Turkey, OKX operates in several other regions, including Hong Kong, the United Arab Emirates, the Bahamas, and France, showcasing its global footprint and commitment to serving diverse markets worldwide.
The post OKX Launches Crypto Exchange in Turkey, Expanding DeFi appeared first on Cryptonews.
