OKX Expands to Turkey as Part of Global Expansion Plan

OKX President Hong Fang says there is a high demand for crypto in the country.

Crypto exchange OKX has opened up OKX.TR is a localized version of the platform in Turkey, with trading pairs denominated in Turkish Lira.

“Turkey is a very important and special market for us. It ranks high in terms of crypto adoption and crypto transaction volume,” OKX President Hong Fang said in an interview with CoinDesk. “There is a natural tendency to look for value in bitcoin in Turkey, particularly for wealth preservation.”

The exchange announced its plans to expand into the country in early 2023. OKX will offer USDT/TRY, BTC/TRY, and ETH/TRY trading pairs for its local customers.

Crypto has become a lifeline for many in Turkey because of the country’s economic struggles and crippling double-digit inflation rate. The Turkish government has been relatively permissive towards cryptocurrency, possibly due to its widespread use and the potential political consequences of alienating millions of crypto users, CoinDesk reported.

Two major Turkish banks, Akbank and Garanti BBVA, have launched crypto initiatives as the nation readies a crypto regulatory framework.

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