OKX Launches Turkish Platform, OKX TR, Offering Fiat On-Ramp and Crypto Pairings

OKX, the second-largest global cryptocurrency exchange, has announced the launch of OKX TR, a platform dedicated to users in Turkey. The platform features a fiat on-ramp with the Turkish lira, supported by collaborations with local banks such as Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, and Türkiye Finans.

Crypto Pairings and Wallet Accessibility

OKX TR will offer major cryptocurrency pairings with the Turkish lira, including Tether (USDT), Bitcoin (BTC), and Ether (ETH), alongside "sophisticated crypto functionalities." Additionally, Turkish users will have access to the OKX Wallet, a noncustodial Web3 wallet provided by OKX Global, enabling them to engage with nonfungible tokens (NFTs) and decentralized applications (DApps).

Local Presence and Community Focus

Mehmet Çamır, chairman of OKX TR, highlighted the importance of having a local physical presence to stay close to the community and align their needs with the platform's products and services.

Turkey's Shifting Crypto Landscape

Turkey's crypto market has witnessed a change in attitude, with President Recep Tayyip Erdoğan previously declaring "a war on crypto" in 2021. However, the country is now preparing to introduce its first package of crypto regulations, which will require crypto platforms to obtain licenses from Turkey’s Capital Markets Board and provide legal definitions for various crypto-related terms.

OKX's Global Expansion

OKX's expansion into Turkey follows its recent launch in Argentina as part of its strategy to target the Latin American market, following its entry into Brazil in late 2023. However, the company has faced regulatory challenges in South Korea, with the Financial Intelligence Unit investigating OKX for allegedly operating as an unregistered cryptocurrency exchange.