EXMO Expands Presence Beyond UK with New Turkey Office

UK-registered Bitcoin exchange EXMO has opened a new office in the Turkish city of Istanbul, the firm said Thursday, as it looks to broaden its Eastern European reach.

The company plans to take its time with the rollout, working with authorities to make sure that it complies with local laws. Once EXMO has completed its registration with the Turkish regulators, its services will be made available to local customers. To ease onboarding and make the platform as easy to use as possible, a Turkish language translation of its website and support for the lira were made available.

The cryptocurrency exchange operator was founded in 2013 and is headquartered in London.

With a presence in Turkey, the Istanbul facility will be the start-up's fourth office outside the UK together with its Kiev, Barcelona, and Moscow branches.

As Britain edges closer toward an exit from the EU, EXMO has chosen to expand into new European bases as part of a contingency plan to continue to have access to the bloc post-Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term.

Turkish interest in cryptos surges as lira falls

While it isn't moving resources away from the UK, EXMO's expansion echoes the sentiment among some big banks that are trying to increase their presence across Europe to offset the impact of the Brexit.

EXMO is currently hiring a number of customer support roles and a regulatory compliance position in the Turkish capital. The venue is also finalizing formal procedures relating to opening a local bank account.

Interest in cryptocurrency has grown in Turkey following a nosedive of the national currency. Turks are turning to Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, hoping they can safeguard the value of their cash from falling even lower in value.

“The Turkish market has become an incredibly pleasant discovery for us: after adding the Turkish lira to the platform and launching the Turkish version of the website, 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”, said CEO of EXMO Cryptocurrency Exchange Sergey Zhdanov.