The second-largest global cryptocurrency exchange, OKX, has officially unveiled OKX TR, a dedicated platform for users in Turkey. The announcement, made on February 27, highlights the exchange’s commitment to the Turkish market, offering a range of features to cater to local cryptocurrency enthusiasts.
OKX TR introduces a Turkish lira fiat on-ramp and collaborates with several local banks for a seamless deposit experience. The banking partners include Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, and Türkiye Finans. This collaboration aims to enhance accessibility and convenience for users in Turkey.
The platform will support major cryptocurrency pairings with the Turkish lira, including Tether, Bitcoin, and Ether, alongside “sophisticated crypto functionalities.” Emphasizing accessibility, OKX TR promotes the use of the OKX Wallet, a noncustodial Web3 wallet that allows Turkish users to engage with non-fungible tokens (NFTs) and decentralized applications (DApps).
To strengthen its presence in Turkey, OKX has established a local office, according to Mehmet Çamır, the chairman of OKX TR. Çamır states, “We believe that by having a local physical presence, we can stay close to our local community, with relentless focus on aligning their needs to our products, services, and operations.”
The expansion into the Turkish market follows OKX’s announcement in May 2023, just before the Blockchain Economy Istanbul Summit. This move aligns with a notable shift in the country’s attitude toward cryptocurrencies. Despite President Recep Tayyip Erdoğan declaring “a war on crypto” in 2021, Turkey is now gearing up to introduce its first package of crypto regulations.
These new guidelines will mandate crypto platforms to obtain licenses from Turkey’s Capital Markets Board. Furthermore, they aim to provide legal definitions for terms such as “crypto assets,” “crypto wallets,” “crypto asset service providers,” “crypto asset custody service,” and “crypto asset buying and selling platforms.”
In addition to its Turkish venture, OKX has been executing its global strategy with a recent launch in Argentina in February 2024, following its entry into the Brazilian market in late 2023. However, the exchange is currently facing regulatory challenges in South Korea, where the Financial Intelligence Unit is investigating allegations that OKX operated as an unregistered cryptocurrency exchange, as reported by local media on February 7.
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