One of the top cryptocurrency exchanges, OKX, is planning to establish an office in Türkiye in the upcoming months.
The company has already made inroads into the Turkish market by offering direct deposits and withdrawals in the country’s official currency, TRY. It also joined numerous crypto platforms in sending aid packages to the nation in February when it was hit by a devastating earthquake.
Expanding to New Horizons
OKX President, Hong Fang, said the exchange has selected Türkiye as its next location due to its standing as an “important market”:
“Opening an office in Türkiye will be a significant step for OKX as we shift from a system based on trust to a trustless one that allows users to take control of their financial future. Türkiye is a crucial market for us, and we are thrilled to establish strong relationships with our users and contribute to the growth of its crypto ecosystem.”
CIO Jason Lau cited Türkiye as a “growing center of innovation and blockchain expertise with a user base that has a strong appetite for crypto.”
Turkish people have shown a keen interest in the digital asset realm lately, perhaps due to the financial instability plaguing the country and the depreciating official currency. The Turkish lira has recently hit a record low against the US dollar, an occurrence that, in the past, has led to an increase in interest in stablecoins and bitcoin.
OKX has already taken steps toward its imminent expansion by enabling deposits and withdrawals in Turkish Lira (TRY) in March.
“Our aim is to become the leading crypto platform in Türkiye. This starts by listening to the community’s needs and investing in the market. We want to offer the Turkish community a platform for exploration, experimentation, and future dream realization together.
Maybe we will witness the next big innovation emerge from Türkiye with the support of us and other crypto companies,” the exchange’s CMO, Haider Rafique, noted.
The firm also contributed to the international effort in providing aid to Türkiye in the wake of the devastating earthquake that struck the southern part of the country in February, claiming over 50,000 lives.
OKX is not limiting itself to Türkiye, though. The company, headquartered in Seychelles, also intends to open an office in Australia.
“I am thrilled to see OKX planning to establish an office in my home country. I enjoyed celebrating with the OKX team and the crypto community today. The future looks promising for OKX in Australia,” said OKX ambassador and popular F1 driver Daniel Ricciardo.
The exchange has also announced its intention to apply for a VASP license in Hong Kong, further strengthening its presence in the special administrative region of China, which has been emerging as a crypto hub following the local authorities’ proposal to implement crypto-friendly regulations.