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.
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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.
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, 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.