UK-based cryptocurrency exchange Exmo has expanded out to the east. The company announced that it has launched an office in Istanbul, Turkey, marking the fourth office it controls outside of the UK. Things are just getting started, though, as Exmo still needs to receive approval by the country’s financial authorities.
Exmo already has offices in other European countries, including the Russian Federation, Ukraine and Spain. The company has already introduced a Turkish-language version of its website and has announced support for the Turkish lira (TRY), which can be traded against Bitcoin Core (BTC), Ether (ETH), Ripple (XRP) and Stellar (XLM).
Sergey Zhdanov, the company’s CEO, said in a statement during the Blockchain Economy Istanbul Summit, “The Turkish market has become an incredibly pleasant discovery for us. The numbers of traders from the eastern region undoubtedly pleases us. So, we have decided not to stop here and open a representative office in Istanbul in order to have even more opportunities in this region.”
As has been seen in other countries that have been hit with outrageous inflation – such as Argentina and Brazil – Turkish citizens have been clamoring for an alternative to fiat. This has been the catalyst for a massive amount of crypto adoption in the country, and Turkey has become a popular destination for many crypto exchanges and other entities that target digital assets.
The rise in popularity of crypto assets has been a tremendous impetus for the entrance into Turkey, but it isn’t the only reason. Brexit is leaving many concerned with the future of the UK, and companies have been looking for ways to prepare for a post-Brexit world in case things fall apart.
Exmo is reportedly the largest crypto trading platform in Eastern Europe. According to its own data, it has over 1.6 million users and more than 50,000 active daily traders. It supports more than 120 trading pairs and six fiat currencies, including the Russian ruble, the Police zloty and the Ukrainian hryvnia. Exmo states that its average daily trading volume is approximately $30 million.
The exchange is now undergoing a hiring process to fill customer support roles, as well as a regulatory compliance position for its new Turkish location. It is said to be completing the process to establish a local bank account, and is also working with regulators to ensure that it meets all local financial requirements.
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