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OKX launches cryptocurrency exchange in Turkey, developing DeFi.

This represents a significant step toward developing the DeFi ecosystem in the region, opening up new opportunities for investors.

Date: 2024-02-28 Author: Łukasz Michałek
OKX launches cryptocurrency exchange in Turkey, developing DeFi.

OKX, the world’s largest cryptocurrency exchange and Web3 technology company, has officially unveiled OKX TR, its customized cryptocurrency exchange in Turkey.

The launch marks an important step in providing Turkish users with a secure, compliant and transparent platform for cryptocurrency trading and decentralized finance (DeFi).

The company said the launch will take place on February 27. OKX TR also integrates with the OKX Web3 Wallet global wallet, allowing users in Turkey to take advantage of a range of features.

Turkish users can now enjoy local features, such as direct deposits and withdrawals in Turkish lira, through banking partners such as Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans, following the introduction of OKX TR.

In addition, the service offers 24/7 customer support in Turkish and English, so users can receive quick assistance and detailed guidance when needed.

Regarding the launch, OKX CEO Hong Fang said:

“The official launch of OKX TR marks a significant milestone in our global expansion strategy. Turkey, with a cryptocurrency adoption rate close to 50%, represents a dynamic and promising market for industry growth. We are committed to supporting the growth of this vibrant ecosystem.”
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OKX TR users can use the robust platform to trade popular cryptocurrency pairs such as USDT/TRY, BTC/TRY and ETH/TRY, as well as enjoy advanced cryptocurrency features.

In addition, OKX Wallet’s unsupervised Web3 wallet is available in Turkey through OKX‘s nationwide platform.

The Wallet portal offers a user-friendly interface that enables standalone trading, use of decentralized applications and NFT trading. An important feature of OKX Wallet is its combination of multi-party computing (MPC) technology and account abstraction (AA) features, which make the wallet more accessible to less technical users.

The cryptocurrency exchange first announced its expansion in Turkey in May 2023. Since then, it has established a local office and assembled a dedicated team.

The growing importance of cryptocurrencies in Turkey can be attributed to its function as a means of protection for many in the face of economic hardship.

Due to the widespread adoption of cryptocurrency and the potential political consequences of alienating millions of cryptocurrency users, the Turkish government has shown relative leniency towards such a solution.

Turkish President Recep Tayyip Erdoğan declared a “war on cryptocurrencies” in 2021. Now, however, the country is preparing to introduce its first set of cryptocurrency regulations.

It is noteworthy that two major banks in Turkey, Akbank and Garanti BBVA, have dared to enter the cryptocurrency industry. They are doing so to demonstrate the country’s evolving stance on cryptocurrencies as it prepares to introduce new regulations.

In addition to Turkey, OKX operates in other countries such as Hong Kong, the United Arab Emirates, the Bahamas and France, demonstrating its global presence and commitment to serving a variety of global markets.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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