OKX, the cryptocurrency exchanges, has unveiled OKX.TR, a
localized platform tailored for Turkish traders. The new exchange offers
trading pairs denominated in Turkish Lira (TRY), catering to the burgeoning
interest in digital assets within the country.
The expansion into Turkey was initially announced by OKX in
early 2023, reflecting the exchange’s strategic vision to tap into emerging
markets. OKX.TR introduces trading pairs such as USDT/TRY, BTC/TRY, and ETH/TRY.
The move comes amidst Turkey’s economic challenges,
including soaring inflation rates, prompting many residents to seek refuge in
cryptocurrencies. Despite the uncertainties, the Turkish government has shown
relative leniency towards cryptocurrency activities, possibly recognizing its
widespread usage and the potential ramifications of alienating a sizable
portion of the population.
Hong Fang, President, OKX, Source: LinkedIn
In an interview with CoinDesk, the President, OKX, Hong Fang emphasized
Turkey’s significance as a pivotal market for cryptocurrency adoption. Fang
stated: “Turkey is a very important and special market for us. It ranks
high in terms of crypto adoption and crypto transaction volume. There is a
natural tendency to look for value in bitcoin in Turkey, particularly for
wealth preservation.”
Major Turkish banks like Akbank and Garanti BBVA have also
ventured into the cryptocurrency space, signaling the country’s regulatory
landscape and growing acceptance of digital assets.
.@okx is opening up shop in Turkey as part of its global expansion plan. @thesamreynolds reports.https://t.co/QGDW9alfSQ
— CoinDesk (@CoinDesk) February 27, 2024
OKX Middle East Fintech FZE Obtains VASP License from
Dubai’s VARA
Earlier, the Dubai-based subsidiary of crypto exchange OKX,
known as OKX Middle East Fintech FZE, announced the
acquisition of a Virtual Asset Service Provider license from the
Dubai Virtual Assets Regulatory Authority (VARA), as reported by Finance Magnates. This license
allows the company to provide virtual asset exchange services.
Dubai, a prominent emirate within the UAE recognized for its
supportive environment for service-based businesses, recently implemented
crypto regulations through a framework and established VARA as a dedicated
regulatory body overseeing the sector. Additionally, the company operates in
various locations including Hong Kong, the Bahamas, and France.
OKX, the cryptocurrency exchanges, has unveiled OKX.TR, a
localized platform tailored for Turkish traders. The new exchange offers
trading pairs denominated in Turkish Lira (TRY), catering to the burgeoning
interest in digital assets within the country.
The expansion into Turkey was initially announced by OKX in
early 2023, reflecting the exchange’s strategic vision to tap into emerging
markets. OKX.TR introduces trading pairs such as USDT/TRY, BTC/TRY, and ETH/TRY.
The move comes amidst Turkey’s economic challenges,
including soaring inflation rates, prompting many residents to seek refuge in
cryptocurrencies. Despite the uncertainties, the Turkish government has shown
relative leniency towards cryptocurrency activities, possibly recognizing its
widespread usage and the potential ramifications of alienating a sizable
portion of the population.
Hong Fang, President, OKX, Source: LinkedIn
In an interview with CoinDesk, the President, OKX, Hong Fang emphasized
Turkey’s significance as a pivotal market for cryptocurrency adoption. Fang
stated: “Turkey is a very important and special market for us. It ranks
high in terms of crypto adoption and crypto transaction volume. There is a
natural tendency to look for value in bitcoin in Turkey, particularly for
wealth preservation.”
Major Turkish banks like Akbank and Garanti BBVA have also
ventured into the cryptocurrency space, signaling the country’s regulatory
landscape and growing acceptance of digital assets.
.@okx is opening up shop in Turkey as part of its global expansion plan. @thesamreynolds reports.https://t.co/QGDW9alfSQ
— CoinDesk (@CoinDesk) February 27, 2024
OKX Middle East Fintech FZE Obtains VASP License from
Dubai’s VARA
Earlier, the Dubai-based subsidiary of crypto exchange OKX,
known as OKX Middle East Fintech FZE, announced the
acquisition of a Virtual Asset Service Provider license from the
Dubai Virtual Assets Regulatory Authority (VARA), as reported by Finance Magnates. This license
allows the company to provide virtual asset exchange services.
Dubai, a prominent emirate within the UAE recognized for its
supportive environment for service-based businesses, recently implemented
crypto regulations through a framework and established VARA as a dedicated
regulatory body overseeing the sector. Additionally, the company operates in
various locations including Hong Kong, the Bahamas, and France.
