In a move to tap into Turkey’s thriving cryptocurrency market, global exchange OKX has announced the launch of OKX.TR, a localized version of its platform. The new platform will offer trading pairs denominated in Turkish Lira, catering specifically to the Turkish market.

In an interview with CoinDesk, OKX President Hong Fang emphasized the importance of Turkey as a market, citing its high crypto adoption rates and transaction volumes. Fang noted that many in Turkey turn to bitcoin for wealth preservation, highlighting the country’s growing interest in cryptocurrencies.

OKX’s expansion into Turkey was first announced in early 2023, and the platform now offers trading pairs such as USDT/TRY, BTC/TRY, and ETH/TRY to local customers.

The move comes at a time when cryptocurrencies have become increasingly popular in Turkey, serving as a financial lifeline for many amid the country’s economic struggles and double-digit inflation rate. The Turkish government has shown a relatively permissive attitude towards cryptocurrencies, possibly due to their widespread use and the potential political repercussions of alienating millions of crypto users.

Notably, two major Turkish banks, Akbank and Garanti BBVA, have also launched crypto initiatives as the nation prepares to implement a regulatory framework for cryptocurrencies.

OKX, which operates in several other countries including Hong Kong, the United Arab Emirates, and the Bahamas, continues to expand its presence in the global cryptocurrency market.