- Turkey was chosen because it is an important market, as per President Hong Fang.
- The exchange had earlier announced plans to establish a branch in Australia.
OKX, one of the most prominent cryptocurrency exchanges, plans to launch office in Turkey within the next few months. OKX has already begun making preparations for its forthcoming growth. By having enabled Turkish Lira (TRY) deposits and withdrawals in March of this year.
When a severe earthquake struck the country in February, it added its name to the list of crypto platforms that offered relief. OKX President Hong Fang said that Turkey was chosen as OKX’s next location because it is an “important market:”
Economic Uncertainty and Falling Value of TRY
Chief Information Officer Jason Lau described the nation as a “growing center of innovation and blockchain expertise with a user base that has a strong appetite for crypto.”
The Turkish public has recently shown extraordinary enthusiasm for the world of cryptocurrency. Possible causes include nationwide economic uncertainty and the falling value of the national currency. When the Turkish lira drops to a new low against the US dollar, demand in bitcoin and stablecoins often rises.
The company was also one of several that helped Turkey recover after the devastating earthquake that struck the country’s south in February, killing more than 50,000 people. OKX has established a presence in many new countries, including Turkey. The corporation, which now operates out of the Seychelles, has announced plans to establish a branch in Australia.
Another sign of the exchange’s ambition to further establish itself in Hong Kong was its announcement that it will seek a VASP license in the region. Since local officials there declared intentions to build a crypto-friendly legislative framework, the region is striving to become a center for the cryptocurrency sector.
