OKX announces plans to open office in Türkiye

Rick Steves

“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.”

OKX has announced plans to open an office in Türkiye ahead of the Blockchain Economy Istanbul Summit 2023, of which OKX is a Title Sponsor and Premium Partner.

The second-largest crypto platform by trading volume is determined to expand into Türkiye as it believes in the country’s potential for Web3 and blockchain innovation.

The firm offers self-custody solutions including the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi, and thousands of dApps. The platform also publishes its Proof of Reserves on a monthly basis.

OKX President Hong Fang, Chief Innovation Officer Jason Lau, and Chief Marketing Officer Haider Rafique will attend the event and deliver keynotes and panels discussing Türkiye’s importance for OKX’s global expansion.

“Türkiye is an important market for us”

Hong Fang, President of OKX, said: “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. Türkiye is an important market for us, and we’re excited to build strong relationships with our users and contribute to the development of its crypto ecosystem.”

Jason Lau, Chief Innovation Officer at OKX, said: “Türkiye is a growing center of innovation and blockchain expertise, with a user base that has a strong appetite for crypto. We believe that establishing a physical presence in Türkiye will help us better understand the needs of our Turkish users and contribute to the growth of its crypto community.”

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.

OKX enters Hong Kong, leaves Canada

In March, OKX announced it has set up a Hong Kong entity for launching virtual asset services in Hong Kong with the goal of applying for the virtual asset service provider (VASP) license as well as the Type 1 & 7 licenses under the Securities and Futures Ordinance.

Hong Kong’s VASP license, under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, is scheduled to take effect on 1 June 2023.

According to OKX, the firm spent more than a year working to fulfill the anticipated regulatory requirements from organizational, product, security, and compliance standpoints.

The exchange formerly known as OKEx informed its Canadian users that it would cease operations and no longer be accepting new customers effective March 24, 2023. The industry’s giant seemingly opted to pull out of Canada, rather than comply with securities law or face regulatory scrutiny.

OKX described its decision to quit Canada as “temporary” and that it’s working with the nation’s regulators to solve the issue. Aux Cayes Fintech Co. Ltd., which operates the OKX platform, was under fire from a Canadian provincial regulator for allegedly violating Ontario securities law. This came at a time when major crypto players come under greater scrutiny after the stunning implosion of the erstwhile second-largest global crypto exchange FTX.

The recent move comes as Canada’s financial regulator is rolling out a co-ordinated oversight regime for cryptocurrency activities. Now, all crypto trading platforms seeking registration are obliged to sign undertakings to comply with investor protections. The new rules will also make it more difficult for retail investors to trade cryptocurrencies using leveraged bets.

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