The competition for the Turkish cryptocurrency market appears to be heating up as Binance is the latest platform to launch a banking integration for the Lira (TRY). The global digital asset exchange is now open to direct transactions of local fiat from Akbank, one of the largest banks in Turkey.
Also Read: Blockchain.com Launches Full Turkish Lira Banking Integration as a Native Payment Gateway for Turkey
Binance Global Integrates Akbank
Binance, the popular international cryptocurrency exchange with users from over 180 countries and regions, has announced the first bank channel integration at Binance Global with one of the largest banks in Turkey, Akbank. Binance users are now able to instantly deposit and withdraw Turkish Lira on the trading platform via desktop and the iOS App, with the company promising “the most competitive fees in Turkey.”
Founded in 1948, Akbank has an extensive domestic distribution network of 770 branches across Turkey with more than 14,000 employees. In addition to providing services at branch locations, Akbank serves close to 18 million customers via 5,000 ATMs, more than 600,000 point of sale terminals, online, mobile and other direct channels. The bank operates from its headquarters in Istanbul and its shares are listed on Borsa Istanbul.
“As part of our mission to continue working on increasing the freedom of money worldwide and notably in a country that is fast-adopting digital assets, we are expanding the available options to lower the barrier to entry,” commented Binance CEO Changpeng Zhao. “As the industry scales with our products and services that grow in tandem, the availability and process of investing, exchanging and trading crypto will become more and more seamless.”
Why Crypto Matters to Turkey
With millions of refugees from the war
