Major crypto exchange Binance announced that their fiat on-ramp for Turkish Lira is live thanks to a partnership with major Turkish bank Akbank, Cointelegraph Turkey reported on March 2.
Binance users from Turkey can now deposit and withdraw directly through money order or EFT, whether they have an Akbank account or not.
“As one of the biggest banks in Turkey, Akbank is serving the crypto community since 2017,” Binance CEO Changpeng “CZ” Zhao told Cointelegraph. He continued:
“By working with Akbank, Binance KYCed users who have Turkish bank accounts will be able to buy crypto via instant bank transfers at very low fees. The new fiat on-ramp allows our users to deposit Turkish Lira with zero fees and withdraw with a fee of 2.5 TRY.”
CZ clarified that Binance is operating compliantly “in all the jurisdictions we operate in.” Staying fully compliant is a priority for Binance while lowering the barriers of entry for users and driving crypto adoption, he said, explaining:
“We abide by the local laws and regulations and are committed to providing secure services to our users.”
Upcoming partnerships for fiat
Binance CEO refreshed the crypto exchange’s plan to offer on-ramps for 180+ fiat currencies in 2020 and offer multiple options for each fiat currency. And Turkey is no exceptionjj, according to Zhao:
“We will continue to add Turkish Lira fiat on-ramps, and hopefully bring down the cost and bring better services to our users, which eventually will attract more users for the industry and drive massive crypto adoption in this vibrant country and across the globe.”
Binance is all in for Turkey market
Noting the steady growth of the trading volume of TRY pairs, CZ said that Binance is seeing strong demand in the Turkish market for crypto. Naming Turkey as an important market for Binance, he then reiterated his description of Turkey as “a vibrant country that has one of the strongest demands and fast-growing interest in crypto, blockchain, and technology in general.” When Binance organizes meetups locally, those in Turkey are usually some of the biggest ones around the world, he added.
CZ recently took the top spot in Cointelegraph’s first-ever Top 100 list.