OKX launches OKX TR For Turkish Users

OKX has launched OKX TR in Indonesia, featuring Turkish lira fiat on-ramp and local banking partnerships.

The OKX cryptocurrency exchange, the second-largest cryptocurrency exchange in the world, has officially opened OKX TR for users in Indonesia.

OKX Launches OKX TR

The corporation disclosed the start date on February 27th. OKX TR offers a Turkish lira fiat on-ramp and a deposit option in partnership with local banks.

The new platform includes Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank, and Türkiye Finans as banking partners. Along with “sophisticated crypto functionalities,” the portal will offer significant cryptocurrency pairings with the Turkish lira.

These pairings include Tether (USDT), Bitcoin (BTC) and Ether (ETH) among others. Additionally, the business highlights the fact that Turkish consumers have access to OKX Wallet, which is a noncustodial Web3 wallet that OKX Global provides.

Users can access nonfungible tokens (NFTs) and decentralized apps (DApps) using the wallet. According to Mehmet Çamır, the chairman of OKX TR, the company has also created a local office in Turkey. He said:

“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.”

In May 2023, ahead of the Blockchain Economy Istanbul Summit 2023, OKX announced that it would be expanding its operations into the Turkish market.

This debut aligns with a general trend in the country toward a more positive attitude toward the cryptocurrency sector. Turkish President Recep Tayyip Erdoğan declared “a war on crypto” in 2021.

However, the country is now preparing to implement its initial series of cryptographic rules. Following the new standards, cryptocurrency platforms must seek licenses from the Capital Markets Board of Turkey.

In addition to this, they will propose legal definitions for the terms “crypto assets,” “crypto wallets,” “crypto asset service providers,” “crypto asset custody service,” and “crypto asset buying and selling platforms.”

Following its launch in Brazil in late 2023, OKX launched in Argentina in February 2024 as part of its continuous goal to target the Latin American market.

This was in addition to the launch of OKX in Brazil. During this time, the company has found itself in a clash with the South Korean authorities regarding regulations.

According to reports from the local media on February 7, the Financial Intelligence Unit was investigating OKX in response to suspicions that the company was functioning as an unregistered cryptocurrency exchange.