OKX Expands Global Presence: Establishes Hong Kong Entity & Targets Turkish Market

OKX, the world’s second-largest crypto exchange, has announced the establishment of a Hong Kong entity to offer virtual asset services in the region. 

According to the press release, the company also intends to apply for the virtual asset service provider (VASP) license and Type 1 & 7 licenses under the Securities and Futures Ordinance in compliance with the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, set to take effect on 1 June 2023.

OKX has spent over a year preparing for anticipated regulatory requirements and meeting organizational, product, security, and compliance standards. According to Lennix Lai, the Managing Director of Global Institutional at OKX, regulation, and licensing are crucial to the success of the crypto and Web3 sectors. 

The company sees immense potential in Hong Kong and plans to invest in talent and collaborate with regulators to build the local ecosystem.

Bing Zhao, OKX General Counsel, added that the company is committed to working with the SFC throughout the application process and will exceed the robust standards expected of virtual asset service providers under the regulatory regime.

Hong Kong has become a hub for the crypto industry in recent years, making it an increasingly important location for innovative firms, entrepreneurs, and top talent. The company will sponsor two industry conferences in Hong Kong, the WOW Summit and the Hong Kong Web3 Festival. It will participate in keynote and panel discussions to outline its growth plans.

OKX launches Turkish Lira Deposits & Withdrawals

Along with this addition to its developments, the company has recently expanded its offerings by launching Turkish Lira (TRY) deposits and withdrawals on Android, iOS, and the web. 

The move is part of OKX’s strategy to deepen its focus on the fast-growing Turkish market and provide more worldwide options for users wishing to trade cryptocurrencies with TRY.

According to Haider Rafique, Chief Marketing Officer at OKX, the company’s goal is to become the leading crypto platform in Turkey. He added that the company is listening to the community about their needs and investing in the market to give the Turkish community a platform to explore, experiment, and dream up the future with OKX and other crypto companies.

To further its presence in Turkey, the company has announced its name sponsorship of Istanbul Fintech Week, which will be held on 13-14 April. OKX’s Global Government Relations Officer, Tim Byun, will deliver a keynote at the event.

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