Singapore’s Huobi to expand crypto-exchange operations to Turkey

The Singapore-based crypto-exchange Huobi will expand its operations to Turkey, where it plans to provide a crypto-to-fiat onramp for Turkish users by the end of 2019, crypto industry news site Cointelegraph reported on Thursday.

Huobi will be “moving aggressively” to the Turkish market over the next 12 months, since the country has a “very important and promising prospective market,” the company’s CEO, Livio Weng, said in a Huobi-sponsored meeting in Istanbul.

Huobi said in a press release that new expansion plans included not only a fiat on-ramp for Turkish lira, but also localised products and customer services. The company also plans to launch a branch office in the country, the press release said. 

Cryptocurrencies such as bitcoin have become increasingly popular in Turkey, particularly after Turkish lira hit a record low in August last year due to sanctions stemming from a diplomatic spat over the almost two-year detention of an American pastor. 

According to Huobi, 20 percent of Turks hold some form of crypto, which the company says is the “highest per capita rate of cryptocurrency ownership of all nations surveyed.”