Turkish Bank Akbank Partners With Binance, Embracing Lira Payments

The major cryptocurrency exchange Binance is in the crypto news today for partnering with the Turkish bank Akbank, announcing that the fiat on-ramp for Turkish Lira is live now. The partnership was in the Turkish media and users from the country can now deposit and withdraw directly through money order or EFT whether they have an account with the bank or not.

“As one of the biggest banks in Turkey, Akbank is serving the crypto community since 2017,” Binance CEO Changpeng “CZ” Zhao told the media.

“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 is in the latest Binance news, clarifying how the Turkish bank Akbank is now working with the exchange. He said that they are operating compliantly “in all of the jurisdictions” (that they operate in) and that this is a priority for Binance while lowering the barriers of entry for users and driving crypto adoption.

While there are no breaking news about the Binance Coin, the exchange’s CEO clarified that the goal is to “abide by the local laws and regulations and are committed to providing secure services to our users.”

For those of you who didn’t read our news so far, the Binance CEO refreshed the cryptocurrency exchange’s plan to offer on-ramps for more than 180+ fiat currencies in 2020 and offer multiple options for each fiat currency. Turkey is no exception to this, and Zhao said:

“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.”

The steady growth of the trading volume of TRY pairs puts the Turkish bank Akbank in a good position. The CEO of Binance said that the exchange is seeing strong demand in the Turkish market for crypto and said that the country is “vibrant” and “has one of the strongest demands and fast-growing interest in crypto, blockchain and technology in general.”