OKX plans to expand into the Turkish market

Major crypto exchange OKX is planning to establish an office in the Republic of Türkiye, after recently leaving Canada.

OKX plans to enter Türkiye

OKX could be entering the Turkish market “in the coming months” as stated in a recent press release. The crypto exchange’s President Hong Fang, highlighted the importance of the strategic move, describing the Middle Eastern country as an “important market.”

“Opening an office in Türkiye will be a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future.”

Hong Fang, OKX President.

Also, OKX Chief Innovation Officer Jason Lau, said that having an office in Türkiye will help to contribute to the advancement of the country’s crypto ecosystem while acknowledging the strong crypto adoption among the Turks. 

Indeed, bitcoin and cryptocurrency adoption has surged in Türkiye in recent years, amid the economic crisis plaguing the country.

Turks have had to deal with a devaluing Turkish Lira and rising inflation rates and seek crypto as a haven to secure their assets. According to Chainalysis 2022 global adoption index, Türkiye is among the top 20 countries, ranking twelfth. 

Apart from Türkiye, OKX has also set up a physical presence in Hong Kong and is looking to apply for a virtual asset service provider (VASP) license.

Conversely, the crypto exchange withdrew its services from Canada, stating that the step is “temporary”  and is working with regulators to straighten out issues.