Binance continues to expand its services to countries around the world as it now supports the deposit and withdrawal in fiat currencies for Turkish residents.
Binance Partners With Akbank to Support Lira
The competition to capture the Turkish cryptocurrency market has been heating up as crypto exchanges roll out initiatives to make it easier for people in the country to access digital currencies. The latest to make a significant move is Binance, the world’s largest cryptocurrency exchange that is now available in over 180 countries globally.
Binance partnered with Akbank, one of the largest banks in Turkey, to allow Turkish residents to carry out transactions on the crypto exchange using their local currency, the Turkish Lira (TRY). Thanks to this partnership, Binance users in Turkey can instantly deposit and withdraw Turkish Lira on the exchange via desktop and the iOS App. Binance has promised its users in the country that it would be giving them the most competitive fees to use their local currency for transactions.
Binance CEO Changpeng Zhao, while commenting on this latest development, stated that the mission of the exchange is to keep working to boost the freedom of money worldwide. As Turkey is fast-adopting digital assets, Binance is expanding the available options to help decrease the barrier to entry. Zhao stated that as the crypto industry grows, Binance is determined to ensure that they expand their products and services at the same time As a result of this, Binance will ensure that exchanging and trading cryptocurrencies will become more seamless.
Their partnership with Akbank is excellent because of the vast network of the bank. Akbank has been around since 1948, with over 700 branches across the country. Furthermore, Akbank serves more than 18 million customers, with more than 5,000 ATMs. It also supports more than 600,000 points of sale terminals, online, mobile, and other direct channels. The vast operational network of Akbank makes it an excellent partner for Binance as more customers around Turkey can comfortably transact in their local currency. It also gives more credibility to Binance as Akbank is publicly listed on Borsa Istanbul, the country’s major stock exchange.
Cryptocurrencies Gain Traction in Turkey
Recently, digital assets have been gaining traction in Turkey due to the instability of the Lira. The US sanctions and other developments have seen the Lira come under immense pressure. For this reason, more people in the country now regard cryptocurrencies as dependable investment vehicles and a store of value.
In a country of over 82 million people, over 1 million of them are active investors in the cryptocurrency space. A survey by Statista last year showed that a fifth of the respondents in Turkey said they either use or own cryptocurrencies.
As one of the fastest rising markets in the world, Turkey continues to attract the attention of the cryptocurrency trading industry. Earlier this year, Blockchain.com also launched a full banking integration for the Lira on its trading platform.
Despite all the positive developments, the Turkish government is looking to provide better oversight for the fast-rising cryptocurrency sector and to thoroughly evaluate how it fits into the country’s regulations. Cryptocurrency exchanges would be investigated to ensure that they do not breach provide online betting and gambling services, both of which are considered illegal in the country.