News Nuggets | 8 May: New Tickmill Office; Orbex's Kuwait Campaign

OKX to Open Turkey Office ‘In the Coming Months’

OKX, a top cryptocurrency exchange, has disclosed its plans to expand its global presence to Tukey, one of the countries with the highest adoption of cryptocurrency in the world. The exchange plans to open an office “in the coming months,” it said in a statement released on Monday.

“Türkiye is an important market for us, and we're excited to build strong relationships with our users and contribute to the development of its crypto ecosystem,” said Hong Fang, OKX's President.

Meanwhile, during the first quarter of this year, Liquid Markets, OKX’s on-demand liquidity network for institutional clients, hit over $1 billion in trading volumes. In March, the Malta-based cryptocurrency exchange extended its partnership with the British Formula One team, McLaren Racing.

Tickmill's New Dubai Office

Tickmill UK, a retail forex and CFDs broker, has opened a new office in Dubai, specifically in the Emirates Financial Towers. The office operates under the DFSA regulation and is aimed to drive the broker's growth in the MENA region.

The office will support the local operations of the Tickmill brand while servicing clients and driving expansion efforts in the region.

Additionally, the broker appointed Joseph Dahrieh as the Managing Principal for the newly opened Dubai office. He has been working with Tickmill for the last five years as the Country Manager and Market Strategist, and he has also been a part of a few other brokers in the region before that.

Binance Halts Bitcoin Withdrawals

Binance, which happens to be the largest crypto exchange by trading volume, suspended Bitcoin withdrawals for the second time on May 8, citing a backlog of pending transactions. The exchange highlighted that the measure is 'temporary' as its 'set fees did not anticipate the recent surge in [Bitcoin] network gas fees'. The withdrawals were resumed as of press time.

There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in $BTC network gas fees.

Our team is working to accelerate the confirmation of all pending transactions.

We'll provide updates here.

— Binance (@binance) May 8, 2023

Though Binance resumed the withdrawals about three hours after its initial tweet, adding that the pending transactions were being processed with higher transaction fees.

"To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed," Binance added in a consecutive tweet. "Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations."

Abu Dhabi Global Market Expands Jurisdiction

Abu Dhabi Global Market (ADGM), an international financial center and free zone, has expanded its jurisdiction by adding Al Reem Island. It is home to several financial services companies, including retail brokers.

"Al Maryah Island is a thriving international financial centre, with occupancy already over 95 percent and a strong pipeline of international companies wanting to expand or establish their footprint here," said H.E. Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development and ADGM.

"We have prioritised our ongoing efforts to continue to grow towards accommodating this ever-increasing demand. Al Maryah's larger next-door neighbour, Al Reem Island, also presents an abundance of opportunities with access to a wide range of office spaces and world-class residential, educational, medical and lifestyle facilities."

Orbex Aims Kuwait Expansion

Orbex, an FX and CFDs broker, has aimed to expand its presence in Kuwait by launching a local advertising and marketing campaign in the country. Dubbed 'Access global markets with a trusted local broker', the campaign includes offline and online advertising communications.

The campaign is purposed to drive brand awareness for the broker. It kicked off on 8 May and will run through to early June. The broker is running advertisements on outdoor, print, and online media. Specifically, its communication campaign includes online and print ads, billboards, DOOH screens, events, and more.

"With one of Orbex’s biggest offices situated in Kuwait, we look to reach our Kuwaiti audiences where they live, commute, shop, and work through a full-funnel local marketing strategy. Our local representatives and Kuwait-based employees will also be actively involved in local promotional events and help cement Orbex’s position as the broker of choice through face-to-face interactions," Orbex noted.

OrBit Executes Bitcoin and Gold Hybrid Derivative

Orbit Markets, an institutional liquidity provider in digital asset options, announced the execution of a hybrid derivative of Bitcoin and Gold. The trade was executed with Switerland-based PI Digital, a regulated best-execution broker for high-net-worth individuals and institutional clients.

The derivative product references XAUT, the gold-backed token issued by Tether, and allows investors an APR of up to 40 percent. It will be settled in USDT, XAUT, or BTC upon maturity, as set by OrBit.

"We strive to offer high-end bespoke services to our clients, always balancing performance and risk management in the most efficient ways. This hybrid asset product is a perfect fit for investors that have experience in traditional assets such as gold and are now starting to dip their toes into digital assets," said Antonio Pellizato, the Founding Partner at PI Digital.