OKX expands operational presence by launching in Türkiye

credit: Shutterstock
credit: Shutterstock

Cryptocurrency exchange OKX has officially launched its services in Türkiye, a country that has displayed a growing appetite for crypto adoption over the last several years. 

OKX.TR will be the localised platform for Turkish users to interact, trade, buy and sell cryptocurrencies on offer such as Bitcoin, Ethe, USDT and more. 

Trading pairs will be denominated in the Turkish Lira currency, with the official launch falling in line with the crypto company’s initial plans to expand its presence in Türkiye in early 2023. 

OKX President, Hong Fang, stated: “Türkiye 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 Türkiye, particularly for wealth preservation.”

Many Turkish people have been leaning towards crypto recently due to the soaring inflation of the country’s economy. Last January, the country’s inflation saw its largest increase since August by 6.7%, with year-on-year inflation rising by 65%. 

This has led to investments in cryptocurrencies to shield funds from the effects of the high inflation, a catalyst for wider adoption in the country. 

According to Chainalysis, Türkiye ranks 12th in its global crypto adoption index, and fourth for countries in cryptocurrency value between June 2022-2023. 

The USDT stablecoin tops the list as the preferred cryptocurrency for Turkish investors, followed by Bitcoin, BUSD, SHIBA and DOGE

Türkiye becomes the latest operational clearance for OKX, after receiving clearance to operate in Dubai most recently. It also has an operational presence in France, Hong Kong and the Bahamas.