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OKX Makes Plans to Extend Its Operations to Turkish Market

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OKX, a major cryptocurrency exchange is currently making plans to expand its operations in the Turkish market.

At present, it plans to open an office in the Republic of Türkiye after it left Canada recently.

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OKX Invasion Plans to Türkiye

According to a current press release, the major cryptocurrency exchange OKX may be invading the Turkish marketplace in these coming months.

The President of OKX, Hong Fang explained the importance of the calculated move.

He went further to describe the Middle Eastern Country as a “vital market”.

“Establishing an office in Türkiye is an important step for OKX. It means that we are moving away from a system based on trust to the one that is trustless. Rather it empowers the users to be in charge of their financial future” says Fang.

OKX Benefits to Türkiye

As per Jason Lau, the Chief Innovation Officer of OKX, establishing an office in Türkiye will be quite beneficial to the country.

For instance, it will assist in bringing advancement to Türkiye’s cryptocurrency ecosystem.

Furthermore, it will acknowledge the powerful cryptocurrency adoption amid the Turks.

Significantly, the adoption of crypto and Bitcoin has increased in the recent years.

That is; despite the economic crisis which the country has been facing.

Turkey had to endure the devaluing of its Turkish Lira as well as the increasing inflation rates.

Moreover, they had to look for cryptocurrency as the haven to safeguard their assets.

As stated by the Chainalysis 2022 global adoption index, Türkiye is one of the leading 20 countries with the 12th rank.

READ ALSO: Saudi Aramco Earns $31.88B Beating Q1 2023 Predictions

More OKX Plans for Expansion

Apart from the expansion into Türkiye, OKX also has plans to establish a physical presence in Hong Kong.

At present, the crypto exchange is seeking to apply for the VASP (Virtual Assets Service Provider) license.

Previously, the cryptocurrency exchange withdrew its activities from Canada.

They stated that the withdrawal was just a temporary move while it collaborates with the regulators to clarify issues.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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