OKX Launches a New Trading Platform in Turkey
OKX, one of the biggest cryptocurrency exchanges in the world, has debuted trading services in Turkey. The new platform is set to offer cryptocurrency trading pairs made of Bitcoin, Ethereum, and USDT.
At the same time, Turkish investors will have the facility to purchase cryptocurrencies on the platform with local fiat namely lira. In addition to spot cryptocurrency trading, investors hailing from the region will also be able to access a host of sophisticated crypto functions and trading features.
OKX has launched the OKX TR branch in the republic. The firm confirmed the launch on 27th February 2024. This platform allows investors to start trading on the platform using lira. At the same time, there is also a lira deposit option available for account holders.
OKX Partners with Local Banking Firms
To make it possible, OKX is collaborating with local banking firms. Good news for Turkish cryptocurrency investors who have a bank account at Zirrat Bankasi, Turkiye Finance, Fibabanka, VakifBank, and Sekerbank.
Another positive is that investors will be able to access lira-crypto trading pairs with options such as USDT, Ethereum, and Bitcoin. The platform also plugged OKX wallet, a self-custodial web 3.0 wallet service offered by OKX Global.
Investors can purchase, sell, trade, store, and manage their NFTs reserves from the wallet account and decentralized applications (dApps). At the same time, the firm has established a local office in Istanbul.
Mehmet Camir, chairperson of OKX exchange, has shared some insights into the new venture. The executive noted that the platform has established a brick-and-mortar office in the country. He stated that in this manner, the platform has asserted its legitimacy and established a close relationship with the local crypto community.
On this account, the platform has talked about understanding the requirements and demands of local crypto investors and designing products, services, and operational infrastructure to cater to the local market.
OKX first announced plans to expand in Turkey in May 2023. This decision was made before Istanbul hosted the Blockchain Economy Summit in 2023. The launch of the OKX TR this year is reflective of a friendlier and calmer stance towards the crypto industry in the nation.
Turkish Government to Introduce Strict Crypto Regulations
President Recep Tayyip Erdogan previously declared a war against crypto. However, since then the government has transitioned toward chartering cryptocurrency regulations.
The regulations surrounding cryptocurrency forums in the region will allow firms to obtain a trading license from the Capital Markets Board of Turkey. At the same time, legislators are working on adding crypto as legally recognized entities.
Some of these categories include crypto assets, crypto wallets, crypto asset custodians, and crypto asset trading services, etc. In the ongoing month, OKX also inaugurated a new branch in Argentina as part of Latin American expansion.
Turkish Stock Exchange Prints Record Profits
As per data projections issued by the MSCI index, the Turkish stock exchange the Bosra Istanbul all-share Index increased by 20% in terms of USD since the start of 2024.
The rise was shortly followed by a 61% increment in the technology sector as per Bloomberg data. The analysis report published in Financial Times indicated that the nation is still reeling from inflationary pressure.
Therefore, a hoard of investors hailing from the region has started to invest in tech stocks as a hedge against inflation techniques. At the same time, the same economic factors have encouraged retail and institutional investors to increase inflows into Turkish equity markets.
Emre Akcakmak, portfolio manager at East Capital told Financial Times that the consumer price index led to a 65% growth in January 2024 from the retail investors.
The rise of Nvidia stock prices has also spilled into Turkish tech stocks. Tunc Yildirim noted that the waves from international tech stocks are active as a tailwind to lift up the Borsa 100 Istanbul Index. Yildirim is head of institutional equity trades at UNLU & Co. As per data projection, a Finnet Electronic Publishing net capital inflow in Turkish tech stocks that 7.2 billion lira ($233 million).
